Chinese-owned COFCO International said on Thursday it was joining an initiative launched recently by other global grain merchants to boost efficiency through data standardization and use of digital technology, reports Reuters.
The initiative, announced in October by the so-called ABCD grain majors - Archer Daniels Midland, Bunge, Cargill and Louis Dreyfus - aims to adopt technologies like blockchain to move away from paper documents and manual payment towards faster electronic processes.
The partnership will initially focus on automating grain and oilseed post-trade processes.
