Al Khaleej Sugar Launches Blockchain-Based Sugar Trading Site

The world's largest sugar production plant Al Khaleej Sugar, Located in the UAE, announced the launch of the platform for the merchant of sugar Digitalsugar.io based on blockchain.

On the platform, trading is conducted by tokenized goods, At the same time, tokens “represent before 100 000 ton raw sugar ". For Digitasugar.io, universa blockchain is used, providing a record of ownership of tokens. For storage of tokens, an annual fee in the amount is taken 2.5% and commission for exchange in the amount 0.4%.

The platform was launched in cooperation with the administration of the free economic zone of Dubai and the Dubai Government Department for the trade in raw materials (DMCC). Digitalsugar.io became the first global saucer sales exchange - usually such goods are traded using futures and options.

As the managing director of Al Khaleej Sugar noted Jamal Al Gurair (Jamal al ghurair), The blockchain platform corresponds to a blockchain development strategy in the UAE, adopted by the country's government in 2018 year.

At the beginning of the year, it was reported, that in the free economic zone of Dubai it is planned to create "cryptodolin" with an incubator for companies, working in the field of cryptocurrencies and blockchain.