Fujitsu and DCX will use blockchain to revolutionize commodity trading

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Fujitsu has partnered with Digital Commodity Exchange Pte. (DCX) to accelerate the digital transformation (DX) of the global commodity trading industry, including trading in agricultural products such as grain and raw materials for manufactured goods.

In addition, Fujitsu invested in DCX on July 13, 2021, through a fund managed by its subsidiary Fujitsu Ventures.

DCX is a holding company of Rice Exchange, a digital platform for buyers and sellers of rice. It was established in Singapore in 2020, leveraging digital technologies to solve business challenges in global commodity trading, including complex and inefficient trade and how best to ensure reliability and transparency.

Since August 2019, Fujitsu and Rice Exchange have been working together to solve global transaction issues with the world’s leading digital rice trading platform, which has successfully deployed blockchain technology to achieve efficiency with a high degree. reliability and transparency. Fujitsu and DCX are also trying to transform the fertilizer business.

Joint projects

Based on this agreement, the two companies will foster joint projects by combining DCX’s expertise in global transactions, including customer verification (Know Your Customer), contracts and business operations, with commercial knowledge and system design expertise built up by Fujitsu in the industrial and retail sectors. the fields.

Ultimately, Fujitsu and DCX aim to deliver new innovations in business operations by developing global business platforms for agriculture, food, manufacturing and international trade businesses. Fujitsu will continue to support DCX, not only as a technology partner that builds platforms, but also as a business partner, working to deliver services that contribute to the SDGs through the power of digital technology.

Ichiro Aoyagi, SVP, Head of DX Platform Business Unit at Fujitsu, said, “DCX’s power to innovate in commodity trading, combined with Fujitsu’s advanced technologies such as blockchain, will allow us to accelerate our digital transformation activity for our customers, industry and society.

“We look forward to an even stronger collaboration with DCX and together building trust in the data to overcome today’s uncertainties for a more sustainable and prosperous future.”

Stephen Edkins, CEO of DCX, said, “The rice and fertilizer markets we have developed with Fujitsu as our technology and business partner are up and running and have attracted some of the biggest names in the industry. DCX Group companies are changing the way commodities are traded by adding confidence and efficiency.

“Procurement managers using DCX platforms can assess the environmental and social impact of their supply chain decisions using the verifiable data our platforms offer. We are currently evaluating the potential for deploying this technology in other vertical markets.

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Want to know more about the leaders at the heart of this space? The Blockchain IoT Solutions Congress on November 2, 2021 will explore the convergence of these two technologies and the use cases and industries that will benefit.

Keywords: commodities, DCX, Fujitsu, trading

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