Dubai Multi Commodities Centre has announced the launch of DigitalSugar in partnership with the world’s largest standalone sugar refinery and Universa Blockchain.
According to reports by DMCC, the platform will enable traders to purchase, store, and trade the sugar of Al Khaleej Sugar through smart contracts on a block chain technology provided by Universa. The DMCC Tradeflow platform will act as the central registry of ownership of the sugar through enforceable warrants to prove existence of reserves, and enable secure and transparent international trade.
Universa Blockchain and Al Khaleej Sugar will use the platform’s services to tokenize up to an initial 100,000 tonnes of raw sugar. The electronic warrants issued by DMCC Tradeflow for the tokenized sugar will be backed by physical sugar reserves and stored in an approved storage facility located in Dubai.
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