Digital marketplace to launch by year-end

London-based AgriDex, calling itself the “world’s first digital market place” for the food sector, has announced it will begin operations before the fourth quarter of this year.

According to a news release, the AgriDex marketplace automates interactions between farmers, food producers, industrial, commercial, financial and governmental players around the globe and across the supply chains.

By using the L3COS blockchain operating system, AgriDex aims to enhance transparency, food provenance and reduce transaction costs for every participant, according to the release.

The market place, the release said, will be underpinned by the issuance of AgriDex tokens, the value of which will be pegged to the British pound.

According to the release, the tokens will be the medium of exchange used by all participants trading on the platform to settle invoices with each other giving the tokens both an intrinsic value and a practical application.

“L3COS will be powering the AgriDex platform which aims to revolutionize the world’s most important import-export sector; the savings from the efficiencies will add to the value received by those in the supply chain and reduce the costs of food for consumers,” Zurab Ashvil, CEO and Founder of L3COS said in the release.