Swiss start-up tokenize grain
Blockchain has been actively integrated into agriculture since 2015. For example, to authenticate rice supplies in China. Now the baton was supported by a Swiss start-up, introducing a pilot project on the trade of tokenized grain.
Agricultural start-up Cerealia SA has created an NFT token backed by 30,000 tonnes of Mexican white corn. Suppliers and owners of elevators will be able to produce their own tokens, backed by grain crops, and then sell them on the blockchain platform Cerealia. All this without the need to conduct paperwork underlying commodity transactions.
According to Cerealia, NFT transactions can significantly simplify the paperwork and costs associated with the purchase and sale of grain. The technology will provide transparency in supply chains, allowing consumers to worry less about the origin and originality of their food.
Cerealia has managed to attract consumer interest in 6 million tons of grain. Since its launch in the fall of 2020, the company has supported only bilateral deals between grain sellers