Commodities Trading Giant to Test Blockchain Tech with Crude Oil Cargo
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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Cargo shipping is a vital part of our global economy, as goods need to be picked up and delivered by boat in many cases. However, the shipping of cargo usually relies on centralized services and companies as well. But if tech startup Fleet has a say in the matter, they will decentralize the freight forwarder business altogether. Most people don’t realize this, but international cargo shipping is an absolute nightmare, for both people looking to get goods shipped, as well as the freight companies transporting goods. Something as “mundane” as moving packaging from one continent to the next....
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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....
R3CEV, the blockchain startup leading a consortium of more than 40 international financial institutions, has announced the completion of a test involving 11 members of the group. Barclays, BMO Financial Group, Credit Suisse, Commonwealth Bank of Australia, HSBC, Natixis, Royal Bank of Scotland, TD Bank, UBS, UniCredit and Wells Fargo were involved in the experiment, the first by the group to be revealed to the public. The startup said that the test involved a distributed ledger based on the public Ethereum network but that was hosted on a private network on the Microsoft Azure platform,....