United Arab Emirates (UAE)-based Al Khaleej Sugar is now using the blockchain technology on its trading platform, Digitalsugar.io, in a digitization drive amid the Coronavirus Pandemic under the Emirates-Blockchain Strategy for 2021 launched by the Emirates Government in 2018.
UAE as a Blockchain Plan
The sugar miller is the world’s largest and the first in the Arabian Gulf to implement the blockchain technology in partnership with the Government of Dubai Authority on commodities trade (DMCC) and Universa Blockchain, in a move that will tokenize its main product, enabling seamless and transparent trading operations as per an announcement on Oct 21.
This comes three weeks after the sugar miller signed a deal with authorities. Backing the Digitalsugar platform is the DMCC Tradeflow, a platform for registering possession and ownership of commodities stored in UAE-based storage facilities. The facility can produce up to 6,000 tons of refined sugar every day.
Through the initiative kick-started by the Emirates Government, Al Khaleej Sugar will proceed to tokenize up-to 100,000 tonnes of raw sugar and update current trade options according to Jamal Al Ghurair, the Managing Director of the miller.
“Al Khaleej Sugar implements the most advanced technologies to tokenize commodities and digitize trade amid the COVID-19 pandemic moreover Al Khaleej Sugar is set to update current trade options and tokenize up to 100,000 tonnes of raw sugar.”
PwC Says Blockchain Could Add $1.7 Trillion More To the Global Economy
Overly, UAE wants to maximize the benefits of the blockchain technology in which a PricewaterhouseCoopers (PwC) research finding said it could help the global economy generate an additional $1.7 trillion over the next decade.
Under the Emirates Blockchain Strategy 2021, UAE aims to capitalize on the blockchain technology and port 50 percent of government transactions to a blockchain platform by 2021. They cite the efficiency, cost savings, and the level of flexibility associated with blockchain-based workflows.
Towards that end, the Emirates Government will employ the blockchain for effecting its transaction, giving each client a unique identifier that points to their information in a secure and immutable platform.
Last week, As reported, the CEO of Ripple—the United States-based remittance platform behind the XRP coin, said it could move out of their present headquarters and migrate their operations to a jurisdiction where crypto and blockchain regulations are clearer. The United Arab Emirates and Japan were one of their options.