Singapore, 16 May 2022
More than one million tons of agricultural commodities have been traded on DCX platforms, since its launch in 2020. This is equivalent to fertilizer being applied to three million hectares of agricultural land, 300 million loaves of bread and 5.5 billion bowls of rice.
DCX companies harness technology to improve the way that agricultural commodities are priced, traded and delivered. Agri-food markets are lagging in the race to adopt technology with implications for food security and the livelihoods of farmers.
Singapore-incorporated DCX builds and manages trading platforms for fertilizer, grains, pulses and rice adding robustness and resilience to the value chain. The digital platforms use blockchain technology to bring security, transparency and efficiency to the trade and delivery of these commodities globally. All transactions are traceable with every action taken on the platforms stored on an immutable audit log. DCX platforms offer users improved market access and price discovery whilst fraud and risk are reduced via smart contract solutions. Quotes for inspection and freight services are raised and booked online via integrated service providers.
The supply chain disruption caused by the combination of COVID-19, the Suez canal blockage, adverse weather events and now the conflict in Ukraine is making the business of putting food on the table that much more difficult. DCX group companies are seeing a spike in new customer registrations as importers look to establish new trusted connections in an environment where risk can easily be measured and mitigated.
The platforms have users from over 80 countries who have embraced the new way of buying and selling agricultural commodities. Róbert Jakab, Managing Director of Emirates Foods, says: "Since we became users of DCX platforms, our company has benefited from improved efficiency and faster processes. Uploading a trade request and agreeing terms with the seller is very easy. We can quickly and easily agree all contract terms. The biggest benefit is the establishment of long-term business partnerships based on trusted data. The platforms are designed to safeguard against fraud and poor quality products. Parties participating in the business are reliable given the strict onboarding procedure."
Find out more about our resilient and agile supplychain solutions at: https://www.dcx.group/