According to the recent announcement, the world’s largest stand-alone refinery, ‘Al Khaleej Sugar,’ has implemented Blockchain technology in its recently launched sugar trading platform, known as ‘DigitalSugar.io.’
Developed using Universa’s leading blockchain technology, DigitalSugar.io. is launched in collaboration with the flagship Free Zone and Government of Dubai Authority on commodities trade (DMCC) and Universa Blockchain with an aim to offer raw spot sugar trades. The blockchain-based platform is the first global exchange to enable traders and investors to trade sugar seamlessly on an immediate basis.
On the launch of DigitalSugar Trading Platform, Jamal Al Ghurair, MD of Al Khaleej Sugar, mentioned that the platform will remodel sugar trading and will definitely ‘boost sugar trade in Dubai.’
DigitalSugar.io.: Forming the Backbone of a New Commodity Trading
Blockchain is one of the revolutionary technologies that has its implications in almost all sectors. Various researches, including PwC research, have shown that widespread adoption of blockchain technology could bring the global economy an additional $1.7 trillion in the next ten years.
With a Blockchain-enabled sugar trading platform, users will be able to trade the spot price of sugar via tokens tied to up to 100,000 tons of raw sugar. Moreover, traders will be able to hold tokens representing between 1 kg to 1M tons and will pay .4% in transaction fees and a 2.5% yearly storage fee.
DigitalSugar platform ensures that trading will be available 24/7 without involving any third-party intermediary like brokers, thus allowing everyone, including institutional clients and retail, to act on their own terms and at their own convenience anytime, anywhere.
Jamal Al Ghurair, Managing Director of Al Khaleej Sugar, mentioned that the launch of this sugar trading platform is in accordance with the broader goals of ‘UAE Blockchain Strategy 2021’, introduced by the Government of UAE in the year 2018 that plans to migrate at least 50% of all government transactions on DLT-based platforms.
In order to tokenize commodities and digitize trading, Al Khaleej Sugar is all set to implement Blockchain technology.
Sheikh Mohammed bin Rashid, Vice President and Prime Minister of the UAE and Ruler of Dubai talked about this strategy and believes that this revolutionary technology will enable people to conduct most of their transactions in time and will further save time, effort, and resources.
About Al Khaleej Sugar
Al Khaleej Sugar in Dubai is a member of several international sugar organizations whose products are regularly exported to over more than 50 countries, distributing more than a million tons to the global market each year. The refinery is known to provide about 3% of global annual refined sugar production and has a production capacity of 6,000 tons of refined white sugar per day.