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Business Giants, Banks Join Hands to Launch First Commodities Blockchain Platform

An employee inspects machines for the production of bitcoins and lightcoins at the “Kriptounivers” (CryptoUniverse) mining centre during a presentation of the largest crypto currency centre in Russia in Kirishi on August 20, 2018. – A Russian company opened on August 20, 2018 what it said was the country’s largest cryptocurrency mining unit, in a former Soviet fertilizer-producing laboratory. The opening comes as Russian authorities seek to regulate the booming cryptocurrency sector. Russia is in third place after China and the United States in the ranks of cryptocurrency-producing nations since 2015, according to a study published at the end of last year by Ernst & Young. (Photo by OLGA MALTSEVA / AFP) (Photo credit should read OLGA MALTSEVA/AFP/Getty Images)

By: Radhakrishna N S

International banks and trading companies are starting the first blockchain supported platform for financing the trading of commodities, the companies and banks involved in the unique project said in a joint statement on Wednesday (19). The new platform will be operated by a venture known as komgo SA. The venture will be based in Geneva and is expected to go live by the end of 2018. Fifteen of the world’s largest institutions, including banks, trading companies, an inspection company, and an energy major have formed the new venture, komgo SA, that will seek to digitalise the trade and commodities finance sector through a blockchain based…

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