IBT – Potash, the global commodity trading space is a multi-trillion dollar arena. This extremely diversified trading arena subsequently covers a wide-range of vested parties – from producers, buyers, traders, financial institutions, government authorities and a plethora of other stakeholders involved in the end-to-end supply chain. However, the underlying framework that facilitates the cross-border trading of commodities is still highly inefficient, cumbersome and somewhat outdated. The reason for this mainly centres on the fact that the vast majority of the commodity trading industry still relies on a manual, paper-based system. Not only this, but these issues are further amplified by inefficient trade financing and issues pertaining to compliance and regulation. Ultimately, it is highly feasible that the potentialities of blockchain technology could alleviate these issues with the presence of a modern, secure, transparent and fully digitized commodity trading sphere. Digitizing the Commodity Trading Industry Brisbane-based CommChain is one recently founded company looking to combine the power of blockchain technology and bulk commodity trading. The CommChain team is led by individuals with long-standing experienced in both the global commodity trading industry, as well as the emerging blockchain technology sphere. Led by co-founder Gary Zamel, whose 30+ years’ experience in commodity trading includes directorships at… continue reading
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Source: CTRM Center