The Seam to form Cotton Blockchain Consortium with IBM on Hyperledger Fabric

The Seam to form Cotton Blockchain Consortium with IBM on Hyperledger Fabric

The Seam, a commodities trading and agribusiness software provider, today announced that it is forming a blockchain consortium for the global cotton industry. Working with IBM (NYSE:IBM), the company intends to lead an industry-wide collaboration initiative to create a supply chain and trading ecosystem built on IBM blockchain technology, specifically using the Hyperledger Fabric.

A blockchain is a secure, distributed and immutable digital ledger enabling companies to work together on a foundation of trust, increased speed and reduced interference. Combined with “smart contracts,” the technology has powerful implications for global trade with cross-border settlement and instantaneous transfer of currency or other assets when defined conditions are met.

“This new technology will be transformational for the cotton industry,” said Mark Pryor, Chairman and CEO of The Seam.

“There are numerous organizations, processes, systems and transactions involved from field to fabric. Situated at the intersection of agriculture, finance and technology, The Seam with the help of IBM, is uniquely positioned to introduce blockchain technology to cotton-affiliated businesses worldwide.”

The Seam has a successful history of innovation. In 2000, the company began operating the world’s first online, neutral trading exchange for cotton, on which tens of millions of bales have been traded and cleared on its platforms. In September 2016, The Seam launched a cloud-based commodity management system for the peanut industry, the first of its kind.

Blockchain technology encourages broad involvement with the benefits of a network effect, whereby a service becomes more valuable the more participation it has. IBM will play a key role in driving global adoption, with its digital footprint in all cotton producing and consuming regions.

“Blockchain offers enormous potential to drive innovation throughout the cotton industry,” said Arvind Krishna, Senior Vice President, IBM Research.

“A consortium approach using IBM Blockchain and the Hyperledger Fabric can help create greater efficiency and serve as the foundation of a robust system for massive collaboration.”

The ownership group of The Seam includes renowned cotton leaders Calcot, Cargill, ECOM Agroindustrial Corporation Ltd., EWR, Inc., Louis Dreyfus Company, Olam International, Parkdale Mills, Plains Cotton Cooperative Association and Staple Cotton Cooperative Association.

About The Seam

The Seam was founded by leading global agribusiness companies and specializes in commodity trading and management systems. In December 2000, it began operating the world's first completely online, anonymous exchange for cotton trading. Since that time, the company has leveraged its software platforms and application development expertise to expand into other commodity segments, including grains, peanuts and dairy. As a proven leader in the FinTech space, The Seam has cleared or processed more than $7 billion through its cloud-based platforms.

For more information, visit: https://www.theseam.com/


Related News

Hyperledger Formally Launches First Product, Fabric 1.0

The Linux Foundation’s Hyperledger project has finally released its first production Blockchain code, Fabric 1.0. In announcements on Twitter and its blog Tuesday, Hyperledger, which already counts global giants such as IBM and SWIFT among its customers, called the release a “huge milestone for the community.” “[...T]he project’s maintainers felt that the time was ripe to deliver a robust initial major release with the objective of allowing consumers and vendors of technology based on Hyperledger Fabric to advance to the next stage: production deployment....

Hyperledger Adds 8 More Members to End 2016

Open-source, business blockchain consortium Hyperledger has announced that eight new members have joined it ranks. The new members represent a mixed bag of companies, ranging from a venture-backed startup, to a state-owned telecommunications firm. In a year that saw the consortium run by the non-profit Linux Foundation grow to from zero to 100 members, the diverse additions serve a fitting closure. Hyperledger executive director Brian Behlendorf said in a statement: "2016 was a year of exploration, R&D and prototyping, we’re excited for 2017 to be the year we start to see....

Commonwealth Bank and Wells Fargo Finalize Cotton Trade On A Blockchain

Traditional banking has taken a wait-and-see approach when it comes to blockchain for far too long. Everyone active in the world of blockchain is well aware of how major banks take a vested interest in this technology. Up until this point, very few of those projects have created something useful. But Commonwealth Bank of Australia and Wells Fargo completed an international trade using distributed ledgers. Several different applications were used in the process. This collaboration between these two global banks and Brighann Cotton Marketing is quite an intriguing one. By using....

Commonwealth Bank, Wells Fargo Test Blockchain for Cotton Trade

Commonwealth Bank and Wells Fargo have announced they are testing blockchain for use in trade finance, focusing on the global cotton market. Working alongside blockchain startup Skuchain and Australian cotton trading firm Brighann Cotton, the two banks facilitated a transaction between a cotton buyer and seller. In statements, Commonwealth said that the test enabled all parties involved "to track a shipment in real time" using a distributed ledger. Michael Eidel, executive general manager for Commonwealth Cash-flow and Transaction Services office, said in a statement: "The....

Hyperledger Adds 'Cello' Blockchain Deployment Tool to Its Arsenal

The Linux Foundation-led Hyperledger initiative has added a new blockchain deployment tool to its growing pool of projects. Dubbed ‘Cello’, the project is intended to establish a means for “creating, managing, and terminating blockchains”, Hyperledger said this week. Cello will ultimately come to serve as a support mechanism for other projects included under the Hyperledger umbrella, including Fabric, Iroha, and Sawtooth Lake, among others. Those behind the project say they hope it spurs partnerships with others working within the Hyperledger....

Quotes

About 5 years ago someone asked me to stream a gig live on second life for hundreds of thousNds of bitcoins, as if I said.

Lily Allen, Singer, songwriter, actress, and television presenter