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DMCC signs blockchain deal for sugar trading

DMCC, Dubai’s free zone for commodities trade and enterprise, has signed a  strategic membership agreement with Al Khaleej Sugar and Universa Blockchain. Under the deal, DMCC Tradeflow will support the development of a new sugar trading platform in Dubai.

The platform under development will enable traders to purchase, store, and trade sugar from Al Khaleej Sugar, the world’s largest standalone sugar producer, through smart contracts on a blockchain technology provided by Universa. The DMCC Tradeflow platform will act as the central registry of ownership of the sugar through enforceable warrants to prove existence of reserves and enable secure and transparent international trade.

The signing ceremony was held during the Dubai Sugar Conference in Dubai on 10 February 2020, and attended by Feryal Ahmadi, Chief Operating Officer, DMCC; Jamal Al Ghurair, Managing Director, Al Khaleej Sugar; and Alexander Borodich, Founder and CEO, Universa Blockchain.

“Establishing a new sugar platform is a perfect example of how blockchain can be used to increase efficiency and transparency on an already secure platform,” said Alexander Borodich, Founder and Chief Executive Officer, Universa. “It is encouraging to see such a prominent player in global trade implementing the next generation of technology. I look forward to seeing the platform grow with the aid of our fully scalable blockchain platform,” he added.

DMCC Tradeflow is an online platform that offers a secure and transparent central registry of ownership for commodities stored in Dubai. The title of stored commodities can be transferred or pledged through DMCC Tradeflow’s legal and Sharia compliant framework. This unique commodities receipt platform addresses a gap in trade finance in the MENA region, by offering enforceable collateral-based trade finance solutions for all participants in the value chain.

DMCC Tradeflow allows physical inventories that are stored in DMCC certified and rated warehouses around the UAE to be converted into electronic negotiable instruments, ‘DMCC Tradeflow Warrants’, governed by a transparent regulatory regime and administered by DMCC.

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