The four giant transnationals, known as the ABCD group for the alphabetic convenience of their initials, ADM, Bunge, Cargill and (Louis) Dreyfus, account for a quarter of global trade in agri food. International trade, as we all know, are notoriously paper-based. The ABCD group have announced that they will come together to digitise trade, using blockchain and AI. It is great news indeed.
The firms initially plan to focus on automating grain and oilseed post-trade processes, which are currently largely conducted manually and are a high-cost portion of the supply chain.
One of the specific problems the companies are trying to solve is the 275 million emails being sent every year by commodity traders to process just 11,000 shipments of grain transported by sea, according to a Reuters report Friday.
Overall, the four companies aim the new tech push to usher in shorter document-processing times, better supply chain visibility and transparency, and greater overall efficiency.