Blockchain platform for commodity trading to launch in Singapore

Global Trade Review – Arkratos, a Singapore company linked to trading house Rhodium Resources, is to launch a commodity trading platform built with blockchain technology. Arkratos is aiming to launch its Kratos platform this month, and is currently trialling it with four traders based in Dubai, Hong Kong, Malaysia and Singapore. Kratos will use smart contracts, which self-execute once pre-set conditions have been met. Each part of the commodity value chain will be able to use these smart contracts, which cannot be manipulated or duplicated. This reduces the possibility of fraud and the amount of time it takes to conclude a transaction. Arkratos founder, Srinivas Koneru, tells GTR that while no lending will take place on the initial platform, the company is developing a trade finance module, through which commodities can be bought and sold using trade loans disbursed on the Kratos system. It is also launching an initial coin offering (ICO) on June 1, which will run for 30 days. The existing platform has been developed using seed capital, while funds from the ICO will be used for “for further development and enhancement of the product for the next two years”, with the aim of developing Kratos as a blockchain-based enterprise… continue reading

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