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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