Last year, it was announced that a consortium of Rabobank, Concord Resources and PGS were looking to develop a blockchain trading platform for the metal repo financing business. The consortium had already started developing the system, at the time of announcement, with a goal to driving efficiencies, traceability and transparency in metals trading – starting in the repo financing business. According to the initial news release, the initial scope was to digitally settle a metal repo transaction in which an aluminium position stored at PGS would be sold and re-purchased by Concord to and from Rabobank over the platform enabling all players to settle the transaction in a secure and transparent way at a fraction of the current settlement times, with the vast majority of the emails and paperwork that are part of a metals transaction to be automated and stored in the blockchain. This week, two other companies joined the consortium including Professional Services giant Aon and software vendor Gen10, who will build out the platform. An area of potential application for Blockchain-type technologies has always been in the area of change of ownership like repo financing in commodities. Bringing together a number of parties like insurance broker, warehouse,… continue reading
Continue reading Gen10 building on their ecosystem vision with new Trade Finance Blockchain Consortium. This article appeared first on CTRM Center.
Source: CTRM Center