Sirlibz
The world’s largest sugar refinery Al Khaleej Sugar headquartered in Dubai has announced it’s application of blockchain technology in the recently launched Digitalsugar.io, a sugar trading online platform.
The platform will allow users in Dubai and other parts of the UAE to trade the spot prices of sugar through tokens. The tokens are guaranteed by universal blockchain which will issue electronic ownership certificates to each token. Tokens held by traders will represent between 1kg to 1M tonnes and they are to pay 0.4% as exchange fees and an annual 2.5% as storage fees.
Digitalsugar.io trading platform was launched in partnership with Dubai Multi Commodities Center (DMCC) and Universal blockchain. The exchange platform will be the first of its kind, offering first spot contracts for raw sugar and also provides investors with an online platform to trade Sugar.
This development is in accordance with the plans for the Emirate Blockchain Strategy 2021’s wider goals which was created by Sheikh Mohammed bin Rashid, vice president and prime minister of the UAE and chief of Dubai back in 2018. Among other things, the strategy outlined an ambitious plan of migrating some government related transactions to a Distributed Ledger Technology (DLT) by the end of this year.
“The adoption of this technology will reflect on the quality of life in the UAE and will enhance happiness levels for citizens. 50 percent of government transactions on the federal level will be conducted using Blockchain technology by 2021 … This technology will save time, effort, and resources and enable individuals to conduct most of their transactions in a timely manner that suits their lifestyle and work.” Sheikh Muhammad said regarding the Emirates Blockchain Strategy 2021.
