Major banks and traders test blockchain platform for ... Eight leading commodity players have tested the concept for a new blockchain platform that could transform agricultural commodity trading practices and finance. The test marked the first live agricultural commodity transaction on the blockchain and saw 60,000 tonnes of soybeans shipped from the US to China. How Blockchain Looks to Redefine Commodity Trading Jun 21, 2019 · How Blockchain Looks to Redefine Commodity Trading. In this week's "Commodity In Chief" segment on "Bloomberg Commodities Edge", Bloomberg's Alix Steel talks to Souleima Baddi, the CEO of KomGo, an open financing platform for commodities trading. Blockchain Oil Trading Platform Backed by Shell and BP Is ... A blockchain platform built by Vakt Global, a consortium venture set up by major firms including Shell and BP, has launched to bring new efficiencies to energy commodities trading. According to a tweet from the company Thursday, the platform is now ready to facilitate Ferrochrome, the pilot metal – A new commodity trading ...
Nov 11, 2017 · A consortium of energy companies and banks recently announced a partnership to develop a blockchain-based digital platform for trading energy commodities. This BP and Shell led initiative offers compelling short-term cost reductions and efficiencies while threatening long-term disruption to the entire commodities trading market [1].
Jun 21, 2019 · How Blockchain Looks to Redefine Commodity Trading. In this week's "Commodity In Chief" segment on "Bloomberg Commodities Edge", Bloomberg's Alix Steel talks to Souleima Baddi, the CEO of KomGo, an open financing platform for commodities trading. Blockchain Oil Trading Platform Backed by Shell and BP Is ... A blockchain platform built by Vakt Global, a consortium venture set up by major firms including Shell and BP, has launched to bring new efficiencies to energy commodities trading. According to a tweet from the company Thursday, the platform is now ready to facilitate Ferrochrome, the pilot metal – A new commodity trading ... MXC Blockchain technology is used only for the tokenizing of physical metal stored in approved warehouses trading on the MXC Platform and for canceling digital receipts. All other functions remain as industry practice today, including payments which is in FIAT currency. BP, Shell lead plan for blockchain-based platform for ... Nov 06, 2017 · A consortium including energy companies BP and Royal Dutch Shell will develop a blockchain-based digital platform for energy commodities trading expected to start by end-2018, the group said on
The platform aims to digitize trading by moving away from paper contracts and onto smart ones on the blockchain. This will cut costs, increase efficiency and transparency, and reduce errors. Some big banks and financial players have joined the three oil giants in backing the project.
Global Commodities Blockchain Trading Platform VAKT Backed ... Global commodities Blockchain trading company VAKT has been backed by Saudi Aramco Energy Ventures (SAEV) with a $5m investment in new shares and Aramco Trading Company as a future platform user.. Richard James, VAKT CFO, commented: Crypto Commodity - Investopedia
Blockchain is a distributed ledger technology that could make trading commodities simpler, cheaper and more transparent. It is best known for its association with the cryptocurrency Bitcoin, but it can be used in any process involving transactions and exchanging data.
5 Oct 2018 It was created with the objective to digitize the trade and commodities For the development of this new commodities trading platform, the 6 Nov 2017 Shell, BP Spearhead Project for Blockchain-Based Commodity Trading Platform. BP, Shell, Statoil, and several reputable banks and trading Banks, traders launch first commodities blockchain platform Sep 19, 2018 · LONDON (Reuters) - Global banks and trading firms are launching the first blockchain-based platform for financing the trading of commodities from oil to wheat, they said in a joint statement on Wednesday. FILE PHOTO: Drilling rigs are parked up in the Cromarty Firth near Invergordon, Scotland, Britain January 27, 2015.
“The platform is an efficient digital solution used by my teams to deliver a high quality of service to my customers.” Isabelle Aubrun Head of Commodity and Trade Finance Back Office Paris & London SOCIETE GENERALE
Oct 05, 2018 · Easy Trading Connect (ETC) platform was built as a prototype which was designed to digitize and standardize commodity transactions under the collaboration of ING, Société Générale and Mercuria for an oil cargo transaction in February 2017 (known as Easy Trading …