Chinese grain trader COFCO International joins ABCD’s digital shipping initiative for the use of blockchain and AI in shipping dry bulk cargoes. ABCD of the shipping industry that represents Archer Daniels Midland (ADM), Bunge, Cargill and Louis Dreyfus Co (LDC).
In October 2018, Archer Daniels Midland (ADM), Bunge, Cargill, and Louis Dreyfus Co (LDC) has declared a strategy to systematize data and digitalize global agricultural shipping transactions.
COFCO International joined Archer Daniels Midland (ADM), Bunge, Cargill and Louis Dreyfus Co (LDC) plan in order to build a reliable, safe, and effective platform and reconstruct global agricultural trade operations. AI (Artificial Intelligence) project intends to drive more all-embracing safety, dependability, efficiency also clarity by digitizing manual, paper-based processes attached to agreements, receipts, and payments, with a more contemporary, digitally based method.
Chinese grain trader COFCO International and ABCD joint venture is endeavoring to diminish the time regularly consumed on old-fashioned paper and data processing. In 2017, COFCO International marketed over 100 million tons of commodities with earnings of $34 billion.