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Author Topic: Worlds largest sugar refinery will use blockchain!  (Read 110 times)
derdemo
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February 10, 2020, 09:31:17 PM
 #1

DMCC Signs Strategic Membership Agreement with Al Khaleej Sugar and Universa to boost Sugar Trade through Dubai

https://www.dmcc.ae/news/dmcc-signs-strategic-membership-agreement-al-khaleej-sugar-and-universa-boost-sugar-trade-through-dubai
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February 11, 2020, 07:16:36 AM
 #2

the real question is why! it is like saying from tomorrow i will use a tank to drive to work instead of using my car. in order to trade sugar in a centralized place there is no need for smart contracts or even blockchain, it can be done a lot easier and more efficiently with traditional ways similar to how you would trade stocks for example. i honestly don't see the benefit of blockchain here.

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February 11, 2020, 08:01:20 AM
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the real question is why! it is like saying from tomorrow i will use a tank to drive to work instead of using my car. in order to trade sugar in a centralized place there is no need for smart contracts or even blockchain, it can be done a lot easier and more efficiently with traditional ways similar to how you would trade stocks for example. i honestly don't see the benefit of blockchain here.

Just like what we have seen in the last couple of years, companies, mid-to-big, are really at blockchain's hype train. I don't know if they really do some feasible study before implementing blockchain technology here because as you have said, they might not need it. Perhaps just a simply centralised database will do to track everything.

Anyways, I do hope that it will make their business operations more robust with their blockchain implementation, otherwise they're just wasting money here, IMHO.

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February 11, 2020, 09:19:35 AM
 #4

Not entirely blockchain ofc , I think they aim at providing more and more awareness about the bitcoins and at the same time one can also increase their area of customers since they will now attract more and more people .

Studies are ofc being conducted and people hired , such a big company could easily afford people to investigate about it and then put it into use , therefore I do think we should respect their decision at least they are trying to do something new and if it doesn't go well with them they can just stop it , there is nothing like they have to !

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February 11, 2020, 09:34:56 AM
 #5

Not entirely blockchain ofc , I think they aim at providing more and more awareness about the bitcoins and at the same time one can also increase their area of customers since they will now attract more and more people .

Nah. Maybe try reading the article. Bitcoin wasn't even mentioned in the article. It states that the company will be using blockchain smart contracts. Why? Idunno, as it's completely unnecessary. I'd be fine with if it was simply them accepting bitcoin for payments.

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February 11, 2020, 09:51:14 AM
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I have seen the news stating that a firm with the name Al Khaleej sugar in Dubai is introducing blockchain technology in its daily business activities of trading. This company is responsible for 3% world's refined sugar output and will use universal blockchain. It has signed up an agreement with Dubai trade free zones and DMCC trade flow platforms.
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February 11, 2020, 01:44:57 PM
 #7

the real question is why! it is like saying from tomorrow i will use a tank to drive to work instead of using my car. in order to trade sugar in a centralized place there is no need for smart contracts or even blockchain, it can be done a lot easier and more efficiently with traditional ways similar to how you would trade stocks for example. i honestly don't see the benefit of blockchain here.
There is no doubt why DMCC Signed the Strategic membership and is interested to use blockchain. They used it to have smart contracts to verify the reservations and make the tradings more transparent. That is basically it. For me, that is a wise decision to make. The sugar is a big market with a lot of affiliates. DMCC just wanted to make sure they can get all the profits without unfair markups from every distribution chain.

Blockchain is the best way to avoid people who take advantage of the chains. People that mark up high, and people who do not follow the chain.





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