Ledger Insights – Agriculture, commodities digitization standards body launches

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Agriculture, commodities digitization standards body launches

Ledger Insights

Today a new standards association has been launched targeting digitization in the agricultural commodities sector. The Global Commodity Technology Association (GCTA) aims to improve trade processes and standardize post-trade execution. Its backers believe that blockchain is on the cards, but first, the data needs to be standardized.

There’s already an agribusiness digitization project that was initiated by Archer Daniels Midland, Bunge, Cargill, and Louis Dreyfus. Subsequently, COFCO and Glencore Agriculture joined. So how does the GCTA differ? According to the new association, its focus is on standards or harmonizing procedures. It won’t be producing any technology, unlike the six-member group.