A group of banks and large traders to the end of 2018 will launch a blockchain platform for commodities

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A group of banks and large traders to the end of 2018 will launch a blockchain platform for commodities

Sooner or later it had to happen. Trade сommodities, that is commodities, from oil to coal and wheat, and blockchain not that were made for each other, but their meeting was neiseina. Huge amounts of supplies and an equally impressive document — it definitely has that accelerate and optimize.

Operator new blockchain-based platform, Ethereum blockchain will be the company komgo SA registered in Switzerland. Start of work is planned before the end of this year — the platform’s ability to optimize processes will be tested in the supply of North sea oil to the major markets. Since the beginning of 2019 its sphere of responsibility will also expand on commodities such as metals and grain weights.

The participants, that is, impressive. These are the banks and trading companies as ABN AMRO, BNP Paribas, Citi, Credit Agricole Group, Gunvor, ING, Koch Supply & Trading, Macquarie, Mercuria, MUFG Bank, Natixis, Rabobank, Shell, SGS and Societe Generale. Many of them are known for their experiments with bloccano, however, this project is the first of all of them together.

Assumes that the solution komgo will be compatible with Vakt — another blockchain platform that you plan to use many traders working with energy and participating in both projects. Technical partner of the project by the notorious ConsenSys company co-founder Joseph Lubin of Ethereum.

“The launch of komgo — evidence of a shared vision of innovative development of the industry and commitment of the founding companies to create a more effective and open system of commodity trade”, — said SEO Komgo SA Suleima buddy.

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