CoinGeek – The London Metal Exchange (LME) will turn to blockchain technology to track metals across its supply chain. The exchange has reportedly backed a consortium of metal traders and banks embarking on the initiative. The blockchain-based system will enable the exchange to track physical metal, a process it has struggled with. According to a report by the Financial Times, the new platform will be known as Forcefield. It will bring together several stakeholders in the metals trading and banking industry. One of the leaders in the initiative is Mercuria, a Geneva, Switzerland-based commodity trading company. Citing people familiar with the matter, the report also revealed that Australian investment bank Macquaire and Dutch financial giant ING will be part of the initiative. The move comes in the wake of increasing pressure for companies to account for the effects their products have on the environment. Studies have also proven that customers are willing to pay more for products whose source is clearly documented. This has forced many multinationals to explore blockchain technology. For the LME, the challenge has been tracking metals that aren’t stored in their warehouses. The exchange has hundreds of warehouses where it stores a lot of the metals that trades on its platform.… continue reading
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Source: CTRM Center