The world's first agricultural exchange will open in Ukraine

After the presentation of the world's first electronic auction (SETAM) in September last year, Ukraine is preparing to open a decentralized agricultural exchange based on blockchain technology next year, which will also become the first and so far the only platform of this level.

The international project Digital Pulse of the Land (DPL), with the participation of the British company Suntri and the Hola company, has raised tens of millions of dollars to implement a project for a commercial exchange of agricultural goods. DPL, which has experience creating platforms to connect agricultural, consumer and manufacturing companies around the world, plans to first launch a pilot project in several regions of Ukraine. Over time, the platform will unite participants in the agricultural sector of Ukraine, Europe and Africa, which opens up attractive prospects for participants in the agricultural market.

Project Advisor Igor Tinkov said that the unique platform plans to attract not only large trading companies, but also agricultural holdings, small and large farms and individual agricultural traders. Planned services offered include contracts for the physical delivery of goods and risk management. The use of blockchain technology makes it possible to talk about the possibility of high speed of transactions and low transaction costs, a serious degree of data protection and round-the-clock operation.

Such an online platform will make it possible to unite the entire agro-industrial complex of the country into a single system for trading using smart contracts and derivatives. This is especially relevant against the backdrop of plans to transfer the State Land Cadastre and land auctions to a distributed registry format.

In the past year Ukraine has already been included in the number of fourteen countries - leaders in the implementation of Blockchain technology, according to a report for The Networked Hotbeds of Blockchain. The country has every chance to continue the chosen vector of development in the coming year.