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DMCC UAE launches block chain based e-marketplace

Dubai Multi Commodities Centre (DMCC), a global free zone and Government of Dubai Authority on commodities trade and enterprise has launched e-marketplace, a technology-driven agri-commodity trading and sourcing platform supported by Devento 3i infotech Technology AgrixU platform backbone.

The e-marketplace uses blockchain to connect millions of rural farmers with UAE's food industry including food processing companies, traders and wholesalers.

It allows them to bypass intermediaries thereby optimizing supply chain and ensuring traceability through last mile verification and extension infrastructure in blockchain environment to create value for all stake holders.

The introduction of a proprietary banking system with multi-tier, escrow structure will guarantee secure transaction of funds on the platform.

Farmers can now cater to large demand from UAE's market which can empower local communities and deliver better quality farm-to-shelf products. Cereals, pulses, oil seeds, fruits, vegetables, spices and condiments will be sold initially on the marketplace.

Ahmed Bin Sulayem, Executive Chairman and CEO, DMCC said that the marketplace is the next step for DMCC to harness the power of blockchain technologies within the commodity space and it will benefit millions of farmers in India along with providing greater food security for UAE.


2022 ITxNEWS

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