The venture has partnered under the brand name komgo SA and plans to develop a blockchain-based platform. Consensys, one of the entities in the new venture, tweeted that it was working on an Ethereum-based platform for financing commodities trading, along with a host of other companies.
Part of the venture there are ING Groep NV, ABN Amro Group NV, Cooperative Rabobank UA, Macquarie Group, Mitsubishi UFJ Financial Group, Natixis SA, BNP Paribas SA, Citigroup and Credit Agricole SA Koch Supply & Trading LP and SGS SA. They plan to become the industry standard for a commodity trade finance network.
komgo’s plan is to develop a digital ledger-based system to record commodity transactions with the help of blockchain technology. komgo will deal with trade operations of oil cargoes in the North Sea.
Moreover, the venture has decided to launch two products by the end of 2018, one focusing on standardizing and conducting KYC procedures without using a central database. The second is a digital letter of credit that permits commodity houses to furnish their digital trade data and other documents to komgo SA banks of the customers choice.
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