Fujitsu has partnered with Digital Commodity Exchange Pte. (DCX) to accelerate the digital transformation (DX) of the global commodity trading industry, including the trade of agricultural products such as grains and raw materials for manufactured goods.
In addition, Fujitsu made an investment in DCX on July 13, 2021, through a fund managed by its subsidiary, Fujitsu Ventures.
DCX is a holding company of Rice Exchange, a digital platform for rice buyers and sellers. It was established in Singapore in 2020, leveraging digital technologies to solve business challenges surrounding global commodity trading, including complex and inefficient exchanges and how to best ensure reliability and transparency.
Since August 2019, Fujitsu and Rice Exchange have been working together to solve problems related to global transactions with the world’s first digital global rice trading platform, which successfully deployed blockchain technology to realise efficiency with a high degree of reliability and transparency. Fujitsu and DCX are also attempting to transform the trade of fertiliser.
Based on this agreement, the two companies will promote joint projects by combining DCX’s expertise in global transactions, including customer verification (Know Your Customer), contracts and trading operations, with the business knowledge and system design expertise accumulated by Fujitsu in the industrial and distribution fields.
Ultimately, Fujitsu and DCX aim to deliver new innovations in trading operations by developing global trading platforms for the agricultural, food, manufacturing and international trading businesses. Fujitsu will continue to offer its support for DCX, serving not only as a technology partner that builds platforms, but also as a business partner, working to provide services that contribute to SDGs through the power of digital technology.
Ichiro Aoyagi, SVP, head of DX Platform Business Unit, Fujitsu, said: “DCX’s power to innovate commodity trading combined with Fujitsu’s advanced technologies such as blockchain will allow us to accelerate our digital transformation business for our customers, industry, and society.
“We look forward to an even stronger collaboration with DCX and together building trust in data to overcome today’s uncertainties for a more sustainable and prosperous future.”
Stephen Edkins, CEO of DCX, said: “The rice and fertiliser marketplaces that we have developed with Fujitsu as our technology and business partner are operational and have attracted some of the biggest names in the trade. DCX group companies are changing the way commodities are traded by adding trust and efficiency.
“Purchasing managers that use DCX platforms can assess the environmental and social impact of their supply chain decisions using the verifiable data that our platforms offer. We are now evaluating the potential to deploy this technology into other verticals.
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Credit: Blockchain News