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When BlockChain strategies are paving the road to a global sustainable rice market…

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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.

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When BlockChain strategies are paving the road to a global sustainable rice market…

  1. 1. How Blockchain paves the road to a global sustainable rice market… Stephen Edkins CEO and Co-Founder, Rice Exchange @stephenedkins Frederik De Breuck Presales Director Belux and Head of Blockchain Innovation Center @fdebreuck
  2. 2. © 2019 FUJITSU / Rice Exchange3 ▪ Rice is the world’s largest traded agriculture commodity and Rice Exchange (Ricex) is the first fully integrated digital platform designed specifically for rice trading ▪ Ricex works in two ways: firstly it is a digital matching tool for demand and supply; secondly, it is an integrated supply chain solution based on DLT ▪ Rice Exchange is preparing to go-to-market with a Private Permissioned Blockchain solution for the trade and commercialization of rice -- a global market with a total retail value of $450 Billion Rice Exchange is a digital rice trading platform with an integrated supply chain solution
  3. 3. Rice market dysfunction existing today © 2019 FUJITSU / Rice Exchange4 The global rice market is plagued by inefficiencies Highly fragmented Low trust Reliance on hardcopy paperwork Under-financed Scarcity of market data Lack of price transparency Fraud Limited futures and hedging ! ! ! ! ! ! ! !
  4. 4. © 2019 FUJITSU / Rice Exchange5 1. It is not just about using technology, but using it to bring security, transparency, traceability and finality to a complex trade and commercialization of an eco system with multiple stakeholders 2. Using blockchain ensures all involved stakeholders are looking at the same verifiable data, in real-time whilst accelerating the removal of friction and delays in the supply chain 3. The primary question driving Blockchain is ‘do I trust the data I am using and can I rely on it to assess my risk?’, uncertainty is replaced by transparency and stakeholders can better manage their risk Why Distributed Ledger Technology for Rice Exchange?
  5. 5. ▪ To introduce trust and efficiency into the highly-fragmented international rice trade by creating verified, immutable data for all stakeholders ▪ To create a platform where buyers, sellers and service providers find each other in a digital form, conduct trades and arrange insurance, shipping, inspection and settlement through seamless integration and verifiable data ▪ Rice Exchange is working with Fujitsu to scale out and achieve production readiness of the trade platform including creating a joint roadmap for the future (operations, devops, further integrations, etc.) © 2019 FUJITSU / Rice Exchange6 The mission together with Fujitsu
  6. 6. © 2019 FUJITSU / Rice Exchange7 A ledger of transactions of value and digitized or tokenized assets that are maintained in decentralized formfactor across different systems, locations and people (nodes) where data is shared between participants Distributed ledger Data cannot be updated only appended, thus creating an immutable record (log) of transactions Immutability Software ensures that everyone in the agreed ecosystem stays synchronized. Smart Contracts are business logics expressed in computer-readable code, stored and executed on the blockchain Smart Contracts Why is Blockchain the Right solution for the Ricex Platform?
  7. 7. © 2019 FUJITSU / Rice Exchange8 Once the information is stored, it becomes an immutable set of data, which the rules of the network govern and on which the participants have an identical copy (‘write once’) Identical copy Information is securely, immutably and accurately stored using cryptography and can be accessed using keys and cryptographic signatures Secure It enables trust in untrusted environments between an unknown number of parties (permissionless) or known number (permissioned) by digitally creating, storing and transferring value and assets Trust Why is Blockchain the Right solution for the Ricex Platform?
  8. 8. What are Enterprise Blockchain Solutions for Fujitsu ? © 2019 FUJITSU / Rice Exchange9 ▪ Primary question driving Blockchain and DLT is ‘do I trust that the data I am using is good and I can rely on it to assess my risk?’ ▪ Blockchain and Distributed Ledger Technology (DLT) are forcing us all to question orthodoxies and conventions that are the foundation of today’s business execution ▪ During Ideation, stop thinking outside the box, throw away the box and think again ▪ During Realization, ensure proper integration with existing systems as it is today a supplementary platform in most circumstances ▪ Blockchain and DLT are not a fix-it-all; instead it should be viewed as one of many technologies that will form the foundation of next-generation digital services ▪ They applications that will differ by use case, each leveraging the technology in different ways for a diverse range of benefits ▪ DLT continuous deep collaboration between incumbents, innovators and regulators, adding complexity and delaying implementation. It is co-creation by default For Fujitsu it is 80% Business and 20% Technology driven by Proof of Business Already today benefits can be achieved by correctly integrating the technology in existing processes and existing or new business models
  9. 9. Functional architecture – including integration and audit © 2019 FUJITSU / Rice Exchange10 ▪ The architecture is build on Hyperledger Fabric 1.4.x LTS (private permissioned blockchain) ▪ Driven by ensuring traceability and evidence during each of the steps of the business workflow, including the integration layer towards third parties and service providers ▪ A separate audit ledger allows for auditable actions and evidences on trades and activity
  10. 10. Technical architecture – Hyperledger Fabric 1.4.x LTS © 2019 FUJITSU / Rice Exchange11 ▪ The architecture uses multiple peers, orders and nodes (validating and non-validating) and can scale ▪ The Raft orderer is replacing Kafka ▪ The Fabric Certification Authority is implemented however can integrate with other Certificate Authorities as required (Intermediate or other) ▪ Docker and Kubernetes ensure extra availability which is monitored via custom Prometheus and Grafana implementation focused on the Blockchain Network Activity
  11. 11. Rice Exchange partners with service providers, bringing them new clients at lower cost with new data and reporting capabilities key takeaway Ricex integrated solution for service providers Rice Exchange Lower costs Revenue New data Better reporting Shippers Insurers Inspectors © 2019 FUJITSU / Rice Exchange12
  12. 12. Integration partners - current © 2019 FUJITSU / Rice Exchange13 Payments One of largest container shipping lines Largest rice parcel service provider Largest marine insurance broker for rice Largest interbank payment platform FTSE listed inspection company Top 5 inspection company Top 5 inspection company Fast growing inspection company Shippers Inspectors Insurers
  13. 13. © 2019 FUJITSU / Rice Exchange14 ▪ The Blockchain Innovation Center has adopted the Agile way of working from the beginning and by default ▪ Development is done in sprints of 2 weeks ▪ DevOps is the ultimate goal that is gradually implemented (lifecycle automation) ▪ Development and Proof of business are standardized in approach both on tools and methods ▪ Tooling and approaches are standardized throughout ▪ Systems are standardized (development tools, platform, cloud, etc.) ▪ Resources are empowered to suggest and drive substantial improvements ▪ Fujitsu Security Guidelines and master policies are applied ▪ Document everything is a standing guideline Assessment New Features Operations How the development is done?
  14. 14. DevOps Definition © 2019 FUJITSU / Rice Exchange15 A Business-Driven Approach for Delivering Solutions Using Agile Methods, Collaboration and Automation As part of the future roadmap Ricex and Fujitsu are working towards a flexible DevOps approach covering both operational and development services including CI/CD and automation
  15. 15. The Solution: Trading on Ricex platform © 2019 FUJITSU / Rice Exchange16 Step 1: Personalisation Register on platform and go through KYC procedures Log into platform with your unique user ID Dashboard with your trading history and summary market data
  16. 16. The Solution: Trading on Ricex platform © 2019 FUJITSU / Rice Exchange17 Step 2: Price Discovery Post a public or private trade request with easy pre-populated drop down box Seller sees my bid on the (public) Exchange page The seller can now either accept the bid or ask questions/negotiate on the trade by instant chat function
  17. 17. The Solution: Trading on Ricex platform © 2019 FUJITSU / Rice Exchange18 Step 3: Contracts and Documentation
  18. 18. Major developments © 2019 FUJITSU / Rice Exchange19 Rice Exchange is on course for a platform launch in Q1 2020 1Q 2018 2Q 2018 3Q 2018 4Q 2018 Sign partnership agreement with Ducat Maritime 1Q 2019 2Q 2019 3Q 2019 4Q 2019 First Early Adopter signs up 5 million tons of indicated trading volumes Technology Phase 1: MVP Hit 300 Early Adopters Hire Mark Julien from Standard Chartered API integration with Maersk begins Add Fujitsu as technology partner Technology Phase 2: Pilot Technology Phase 3: Integration Initiate discussions with service providers 1Q 2020 Full launch Agree to be GPI Pilot with Swift Hit 100 Early Adopters
  19. 19. 20 © 2019 FUJITSU