ING and Societe Generale Deploy Blockchain-Powered Commodities Trading

[kreslik.news]

Global investment banks ING and Societe Generale have joined forces with Mercuria, a commodity trading house, to harness the power of blockchain technology for live oil trading capabilities, part of the technology’s latest testing into commercial trading.

As opposed to other asset classes, commodity trading and finance are still mainly reliant on physical paper documents, which must routinely traverse the globe for execution and settlement. Such draconian measures in 2017 represent a fine opportunity for blockchain technology to overhaul the sector, with a wide range of potential gains and streamlined measures potentially being deployed.

Efficiency Gains

In particular, a recent experiment conducted by ... (read more)