[2017-05-22] ToI: Who's doing what with blockchain in commodities

[polynesia]

FACTBOX-Who's doing what with blockchain in commodities

http://timesofindia.indiatimes.com/business/international-business/factbox-whos-doing-what-with-blockchain-in-commodities/articleshow/58797594.cms

Many commodity groups, banks and technology companies are seeking to modernise the commodity sector and scrap millions of paper documents through using blockchain, the technology first developed for the crypto-currency bitcoin.

Below are details of what various firms are doing to roll out blockchain in the commodity sector.

TRADING HOUSES

MERCURIA - Completed a pilot oil trade earlier this year, working with bank ING and Societe Generale, in which a "smart contract" letter of credit was set up on a blockchain while the traditional paper process ran in parallel.