RATE Group | Oil Giants And Major Banks Collaborate on Ethereum Blockchain Commodity Trading Platform
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Oil Giants And Major Banks Collaborate on Ethereum Blockchain Commodity Trading Platform

20 Sep Oil Giants And Major Banks Collaborate on Ethereum Blockchain Commodity Trading Platform

Posted at 02:47h in Ethereum News by

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September 19, 2018 11:58 PM

Commodity traders, including Shell and Mercuria, are collaborating with a number of international banks to create a blockchain-based trade finance platform they hope will become the standard for the commodity trading industry.

Based in Geneva, komgo SA is an Ethereum-based ConsenSys development that has grown out of the Easy Trading Connect project, a partnership between Dutch bank ING, and France’s Société Générale and Mercuria energy company.

Described as a blockchain-based digital ledger system for tracking commodity transactions, such as oil trades, the new project and independent company is a larger collaboration of those three companies and an additional 12 founders, including Gunvor Group, and Royal Dutch Shell Plc on the commodities side. The partnering banks include ABN Amro Group NV, Cooperatieve Rabobank UA, Macquarie Group Ltd, Mitsubishi UFJ Financial Group Inc, Natixis SA, BNP Paribas SA, Citigroup Inc, and Credit Agricole SA.

However,…

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