Just read Major Banks, Industry Players to Launch Blockchain-Based Commodities Platform

Major Banks, Industry Players to Launch Blockchain-Based Commodities Platform

A group of major global banks, trading firms, and a leading energy company have launched a joint venture that will oversee a new blockchain-based platform for financing the trading of commodities, Reuters reports September 19. The venture will digitalize trade and commodities finance processes through a blockchain-based open platform, and has been developed in partnership with the Ethereum-focused blockchain infrastructure and solutions group ConsenSys. As of next year, the platform reportedly aims to widen to agriculture and metals. Vakt, a blockchain-powered oil trading platform that shares many of its shareholders with komgo, is said to be working alongside the new venture. In April, a subsidiary of one of China’s four major state-owned oil companies successfully completed a shipment of gasoline from China to Singapore that used blockchain tech end-to-end across “all the key participants in the commodity trading process.”

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Wednesday, September 19, 2018