19 July 2017 - NEW YORK--(BUSINESS WIRE)
The Global Agricultural Exchange or GAEX Pronounced guy-ex, is a startup innovative commodity trading platform that looks to harness the power of Blockchain technology. Working out of Abidjan and New York City, the fintech platform will focus on providing liquidity to farmers and to commodity buyers around the globe by providing an easy, transparent, digital solution to transact.
GAEX team has successfully secured the right to build the first block chain based commodity exchange on the continent. The private beta will be conducted over a 24-month period and test all facets of its platform for development.
Due to its ability to provide an auditable ledger, Blockchain technology has the potential to create a more consistent and transparent real-time view of the agricultural industry in Africa. Improved transparency is a key element in solving some of the significant problems in the agricultural industry in West Africa. For example, it may enable a better forecast of the supply/demand of commodities and potentially provide data necessary to support investor confidence and attract foreign investment. GAEX believes the potential for Blockchain in Africa is massive, particularly as it relates to agriculture and other industries begging for the transparency that exists in the digital age. The private beta moves GAEX into a new phase as its sets its course to be a transformative player in the industry.
Source: The Global Agricultural Exchange
Illustration Photo: a cameroon farmer with dried cocoa beans (credits: jbdodane / Flickr Creative Commons Attribution-NonCommercial 2.0 Generic (CC BY-NC 2.0))