AgriDex – the transparent, end-to-end supply chain platform and marketplace for the global food and agriculture industry – has selected L3COS to create its smart marketplace.
Through the companies’ $85 million partnership, L3COS will deliver the full blockchain-based marketplace, tokenised payments and exchange platform for AgriDex, whose users’ supply chains are valued at approximately $2.25 trillion annually.
When the L3COS-based AgriDex platform goes live in Q4 2021, over 150 companies will be able to use AgriDex to create more efficient supply chains via an ultra-secure, fully compliant, smart marketplace. The World Bank values the global food and agriculture market at over $9 trillion annually.
AgriDex’s Software as a Service (SaaS) platform solves all the issues that have held back the commercialisation of blockchain technology by offering low latency, scalability, permissioned regulation and personal privacy. The system has proven capacity to handle 1.5 million simultaneous transactions per second, providing the capacity and resilience that industries such as agriculture and food production need.
It improves global food security by connecting buyers and sellers and creating greater certainty and quicker payment for all entities in global food production. Every participant goes through full Know Your Client (KYC) protocols and the trades between them are captured in automated smart contracts, giving greater assurance and predictability of payment.
For consumers, the L3COS software will mean greater certainty as the smart and end-to-end nature of its blockchain means full oversight of the entire food growing, processing and logistics processes.
As L3COS is a Platform as a Service (PaaS) offering, it allows governments, organisations - like AgriDex - businesses and individuals to build and run applications on its operating system.
Svetlana Fialova, Partner, AgriDex commented:
“AgriDex is a global solution for agriculture, rooted in over 80 years' experience working with an international network of companies and corporations. We know that producing food for human consumption, from the seed to the plate, is hard work - that is why we aim to make the process as simple and cost-effective as possible.
“Our vision for AgriDex is that it will be the one platform to meet all the needs of the various businesses in the agricultural and food production industry worldwide. We are creating a new economy that is based on mutual trust and that acknowledges the value of every participant in this vast system. Importantly, we also recognise the increasing consumer need for food chain transparency, access to which will give our customers a much-needed competitive advantage. As the world is coming to recognise the value of preserving our environment and ecosystems, the importance of a coordinated response becomes ever more important. Our goal is to make it easier for our clients to sustainably feed the planet while making the profit they need to grow capacity.”
Zurab Ashvil, CEO, L3COS added:
“L3COS has the potential to enable the digitalisation of entire industries and AgriDex’s agriculture marketplace is a perfect first application of our PaaS solution. AgriDex has a vision to help the global population with support from an industry that is fundamental to the world’s wellbeing. When we first started to design our solution eight years ago, we wanted to combine the best of the world we already had with the full benefits of digitalisation. Over the past 8 years, we have invested over $65 million and worked with more than 1,200 programmers to create a PaaS solution that entire industries can adopt with confidence. L3COS is the first operating system for the DLT (Digital Ledger Technology) world.”
Payments on the marketplace are faster and cheaper as they are made using AgriDex’s fungible AGR token, which is accessed through L3COS own exchange. This is especially powerful as global agriculture is reliant on cross border flows of food, crops, capital equipment, services and consumable products. L3COS has architected the AGR token as a stablecoin pegged to Pound sterling, so reducing currency fluctuation risk and associated hedging costs. The capital that underpins the AGR token will be held by Tier 1 custodians based in the UK.
Martin Graham, CEO, L3COS Exchange, explained:
“L3COS solution delivers the frictionless, ultra-low cost and instant connection between all of the entities involved in the agriculture and food industry. We have taken the time required to build an exchange grade platform capable of hosting all the transactions in a multi trillion-dollar industry. No similar platform can deliver real world high-frequency trading - with a capacity of 1.5 million simultaneous transactions per second. AgriDex users can be assured that they have a supply-chain and payments platform that delivers unprecedented performance.”
L3COS itself is based in London and has a management team of proven tech and finance entrepreneurs, such as Founder and CEO Zurab Ashvil - previously head of technology at Softbank in New York; security and government experts such as Sir Mark Lyall Grant - the former UK National Security Advisor; and financial infrastructure leaders such as Martin Graham - the former Director of Markets and Chairman of AIM at the London Stock Exchange.
L3COS is a blockchain based operating system that transforms the way in which governments, businesses and individuals interact and transact with each other. By creating three user permission levels, it marries the authority structures that work so well in the real world with the ultra-fast, frictionless, ultra-secure benefits of digitalisation, including its proprietary exchange.
The L3COS blockchain software is also designed to allow for full compliance with national regulations and laws within the one platform - a vital characteristic due to the international nature of agriculture and food production. Companies must comply with their local rules and regulations, but also meet international or foreign protocols and standards. L3COS is a solution for connecting B2B, B2C and C2C, but also Regulator to Regulator (R2R), Regulator to Business (R2B) and Regulator to Customer (R2C).