What is happening: The four largest grain traders across the world are joining forces to do away with paper-transactions, replacing them with completely digitalized alternatives. They also hope to reduce the 275 million emails sent each year by commodity traders.
Why is this happening: Digital transactions, receipts, contracts and invoices will increase reliability, efficiency and transparency, not to mention have a positive environmental impact.
Who is involved: Archer Daniels Midland Company (ADM), Bunge, Cargill, and Louis Dreyfus Company (LDC) have joined forces.
What did the joint statement say: “The companies also seek broad-based industry participation to promote global access and adoption.”
What did Louis Dreyfus CEO Ian McIntosh say: “By working with the industry to adopt standardized data and processes, we can truly harness the full potential of emerging technologies to improve global trade.”
What did Bunge CEO Soren Schroder say: “We expect an industry-wide initiative of this nature to be able to accelerate improvements in data management and business processes, and bring much-needed automation to the industry.”