Mercuria Chief: Blockchain Could Cut Oil Market Costs By 30%
The chief executive of Mercuria, one of the world’s largest commodities traders, is bullish on blockchain. The head of the Swiss-based firm appeared earlier this week during an event hosted by Thomson Reuters. In remarks, Mercuria chief executive officer Marco Dunand revealed that he had been engaging with stakeholders on the technology and that, in his belief, it could have a major impact on how commodities are traded and exchanged. According to Reuters, Dunand told attendees: "I've seen sufficient bank presentations to believe the technology is there and it's solid. And I believe....
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The chief executive of Swiss-based Mercuria, one of the world’s largest commodity traders, sees blockchain adoption among the oil and gas industry within 2017. The head of Swiss-based Mercuria was speaking at the recent Reuters Commodities Summit, where he revealed just how big the commodities industry is on blockchain, a Reuters report revealed. The industry sees nearly all of its core processes still work on paper and takes several days for transfer of value – presided by a settlement agency – in every step along a trade transaction. Among blockchain technology’s use-cases besides....
Swiss firm Mercuria, one of the largest commodities traders in the world, will put to test the first large oil trade transaction powered by blockchain technology. The trade transaction will see an oil cargo shipment containing African crude sold to ChemChina, a Chinese petrochemical giant and shareholder in Mercuria. ING and Societe Generale, a Dutch and French bank respectively will aid in the execution of the deal, a Reuters report has confirmed. The deal was announced by Mercuria co-founder and chief executive Marco Dunand during the recently concluded World Economic Forum in Davos,....
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