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Economy

Banks, traders launch first commodities blockchain platform

Updated : September 20, 2018 06:40 AM IST

The platform will be run by a venture called komgo SA, based in Geneva, Switzerland, and is due to go live later this year.
Banks and major trading firms have been testing numerous pilot schemes across commodities over the last few years but this venture will be the first that any firm can join.
Blockchain, originally the platform behind cryptocurrency Bitcoin, is viewed by many as a solution to trade and settlement inefficiencies, and to improving transparency and reducing the risk of fraud.
Banks, traders launch first commodities blockchain platform
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