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Digitization in the commodity trading: Intelligent Blockchain platform for more efficiency

The Swedish company Chinsay has for the first time, conducted a commodity trading fully digitized. The company, Rio Tinto, and Cargill took advantage of this su

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Digitization in the commodity trading: Intelligent Blockchain platform for more efficiency

The Swedish company Chinsay has for the first time, conducted a commodity trading fully digitized. The company, Rio Tinto, and Cargill took advantage of this successfully Chinsays Intelligent Contract Platform (ICP). The platform with the open contract API allows it. to integrate different systems, such as, for example, Blockchain applications.

Brigitte Bernhardt
18. June 2019BTC$9.157,00 -1.62%part Facebook Twitter LinkedIn xing mail

In the rapidly changing and competitive commodity market, digitisation is playing an increasingly important role. In order to remain profitable, to push more and more companies, the opportunities, the Robotics, Artificial intelligence, or about the Blockchain and Distributed technology (DLT) offer.

Now, Chinsay, a provider of digitisation gave solutions for the commodity and freight, known to the trade, the completion of the first fully digitized iron ore trade. Partner, the British-Australian mining group Rio Tinto and the American company Cargill are after. The trade partner took advantage of ICP as a common platform. In this way, the time required for the processing to drastically reduce, as from the press message of Chinsay of 17. June shows.

the potential of the digitization

managing Director Colin Hayward even speaks of a "technological milestone for the industry". The process for Creating, Spend, and Approve of the goods contracts have not lasted more days, but less than two hours.

Lee Kirk, Managing Director of metal business, Cargill, for a successful test run:

The Smart Contract Platform is a great Tool that can come of the entire iron industry is. This is an excellent example of how technological progress can use to take advantage of higher speed, transparency and efficiency [...].

With the Intelligent Contract Platform (ICP), you can digitize, at an early stage in the business cycle Pre-Trade processes of life and an agreed-upon contract create the data set. This can also be used in other operating systems and integrate processes. In order for the contract management for all of the trading can be simplified a partner, and accelerated. In addition, the supply chains are transparent and traceable.

Blockchain in practice

ICP can also be used for a variety of industries configured, for example, for iron ore, steel, aluminum, OTC contracts and freight stores. On ICP-based Apps, however, the Open-Contract-API Chinsay, external systems can integrate in your contract data set. This allows, among other things, the creation of electronic trade documents, as well as the Blockchain Integration.

In the international freight business, there was already a similar successful pilot projects. For example, an Asian shipping company shipped 28 tons of mandarins in record time from Singapore to China using the Blockchain platform from IBM.

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