Press Release also available in French. March 28th, — Natixis, IBM and Trafigura have pioneered the first blockchain solution in commodity trade finance for US crude oil transactions. The distributed ledger platform, built on the Linux Foundation open source Hyperledger Fabric, allows major steps in a crude oil transaction to be digitized on the blockchain, ensuring improved transparency, enhanced security, and optimized efficiency.
By having the buyer, seller and their respective banks all on the same ledger, all parties can simultaneously blockchain ibm careers and share data on the status of a transaction, from the time a new trade is confirmed and validated, to when the crude oil is inspected, to its final delivery and blockchain ibm careers of the letter of blockchain ibm careers.
Key benefits of the solution include reduced cash cycle times, improved efficiency blockchain ibm careers lower overhead costs and fewer cost intermediaries, increased transaction visibility to help reduce the threat of tampering, fraud and cyber-crime, and the creation of transparent transactions by using shared processes and recordkeeping. This initiative is part of a broader effort to modernize trading in the global crude oil industry, which today is predominantly driven by manual, non-digital processes.
Distributed ledger technology brings some much-needed innovation into blockchain ibm careers industry. The new trading platform allows trade documents, shipment updates, delivery and payment status to be shared across a single shared ledger, helping to reduce transaction time, duplication of documents and authentication processes among all trading partners. Traditionally these transactions require complex workflows and paper-based processes in which documentation is shared through courier, fax and email exchange.
Creating this ecosystem for the commodities market working with two world leaders in this industry will help create an entirely new approach to managing the global commodities trade. The platform will soon be expanded to allow all parties in the transaction to enter data directly onto the blockchain. For example, the shipping company, pipeline operator, inspector or warehouse can provide real-time status updates via the blockchain on the crude oil transaction, helping lower the risk of fraudulent transactions.
More importantly, the distributed ledger for crude oil transactions is designed to be adopted at scale across the entire industry. By creating a shared permissioned ledger for use across all trading partners, including multiple buyers, sellers, banks and trading partners, even further efficiencies can be anticipated. With the distributed ledger technology, all transaction participants in the network are updated simultaneously with a record that cannot blockchain ibm careers altered or tampered with.
Each change or new transaction immediately creates a new record in the shared ledger. Natixis is the international corporate, investment, insurance and financial services arm blockchain ibm careers Groupe BPCE, the 2 nd -largest banking group in France with With more than 16, employees, Natixis has a number of areas of expertise that are organized into three main business lines: Blockchain ibm careers is the leader in secure open-source blockchain solutions built for the enterprise.
IBM has worked with more than clients across financial services, supply chains, IoT, risk management, digital rights management and healthcare to implement blockchain applications delivered via the IBM Cloud.
Founded inTrafigura is one of the largest physical commodities blockchain ibm careers groups in the world. Trafigura sources, stores, transports and delivers a range of raw materials including oil and refined products and metals and minerals to clients around the world. The trading blockchain ibm careers is supported by industrial and financial assets, including The Company is owned by around of its blockchain ibm careers, employees who work in 61 offices in 36 countries around the world.
The Group has been connecting its customers to the global economy for more than blockchain ibm careers decades, growing prosperity by advancing trade. Press Release also available in French March 28th, — Natixis, IBM and Trafigura have pioneered the first blockchain solution in commodity trade finance for US crude oil transactions.
Figures as at December 31, Reference to Natixis, herein, includes its subsidiaries. About Trafigura Founded inTrafigura is one of the largest physical commodities trading groups in the world.
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