The world’s four largest agriculture companies, commonly known as ABCD, have partnered In an attempt to digitize international grain trading by implementing artificial intelligence (AI) technologies and blockchain, the world’s four largest agriculture companies, famously known as ABCD have announced a partnership as per reported by Reuters on Thursday, Oct. 25.
ABCD is a combined initiative of Archer Daniels Midland Co., Bunge Ltd., Cargill Inc., and Louis Dreyfus Co.,
Through Blockchain the conglomerate has an aim of digitizing the system that has traditionally relied on invoices, paper contracts and manual payments, it also believes that by implementing the decentralized solution it could make the trading process more efficient and transparent as well as reduce costs.
As per revealed by grain industry news outlet World-Grain.com, initially, blockchain and AI would be used to automate oilseed and grain post-trade execution processes, both of which are currently a very expensive and highly manual part of the supply chain.
And according to reports, for the long run, ABCD has plans of integrating blockchain technology on various levels of the supply chain that includes storage, shipping and customer experience.
In a segment with World-Grain.com, CEO of Louis Dreyfus Co. Ian McIntosh went on to explain on how ABCD believes that the agriculture industry could be benefitted by using blockchain, specifically underlining the technology’s “capacity to generate efficiencies and reduce the time usually spent on manual document and data processing.”
As per reports in recent times, Albert Heijn, a major Dutch supermarket chain has made use of blockchain to track the production of orange juice while the decentralised solution was also piloted by U.S. national milk marketing cooperative Dairy Farmers of America among US farmer-members in 48 states.
In a recent study published by Reportlinker, it was found out that within the next five years, the application of blockchain in food and agriculture supply chains market would be worth well over $400 million.