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Rice trading is an opaque, complex and extremely process-intensive business, often still paper-based. Rice Exchange is the first digital production platform designed for buying and selling rice, the world’s largest traded agriculture commodity. The solution, co-created by Fujitsu and Rice Exchange, using an existing demo environment, digitalizes the trading business with a blockchain distributed ledger technology (DLT) platform. Using the platform, buyers, sellers and service providers can easily find each other in a digital environment, efficiently conduct trades, and arrange insurance, shipping, inspection and settlement with the assurance of seamless integration and totally verifiable data.
The use of a DLT platform injects trust and efficiency into the highly fragmented global rice trade.
Rice Exchange selected the Fujitsu BlockChain Innovation Center (BIC) in Brussels as a key integration partner to develop the solution because of its blockchain expertise with architectures built on Hyperledger Fabric. Another key factor is Fujitsu’s flexible DevOps approach which covers both operational and development services using the scrum/agile methodology
Certification requirements for rice imports vary by region and documents must be checked and matched manually, which is expensive and prone to costly human error. Documents must also travel globally with the goods, with the risk of loss of time due to faulty or lost documentation. The new Rice Exchange platform simplifies documentation compliance, leading to lower transaction costs and back-end operations and providing full transparency.
The Rice Exchange platform also allows buyers to search for rice producers that have been verifiably awarded sustainable certifications. This gives buyers the certainty that they are purchasing sustainably produced rice. This, in turn, allows the relevant producers to charge a premium for their product.