Despite a tumultuous market of many months, institutions continue to demand the implementation of innovative systems and solutions based on blockchain technologies.
15 companies register a blockchain initiative supported by ConsenSys
a media embargo on one of the most important developments related to the blockchain of this year was finally abandoned. As a short, but sweet four-page document, titled "Players and industry banks join forces to launch the Blockchain platform to transform the Trade Finance commodities", 15 of the "largest institutions in the world", together with block-block startup ConsenSys, have joined hands to make a collaborative foray into the space of the enterprise blockchain platform through a new company called komgo SA.
Although many have questioned the validity of the document at the outset, due to an apparently "dubious site" linked to this venture, Bloomberg, Reuters, and ConsenSys itself has corroborated this unexpected but welcome development.
. @ConsenSys is working with Citi, ING, Shell and more on a platform #Ethereum #blockchain to finance the trade in raw materials. Blockchain is seen as a solution to trade and settlement inefficiencies and to improving transparency and reducing the risk of frauds https://t.co/sv8KZC7MNX
– ConsenSys (@ConsenSys) September 19, 2018  komgo SA, which has already been supported by leading banks, commercial companies and energy companies, intends to digitize the global trade ecosystem through a blockchain-based "open platform". To facilitate this ambitious move, komgo has been incorporated in Geneva, Switzerland, which has become an important hub for cryptocurrency and blockchain.
It is important to note that the 15 companies that have contributed to this startup are: ABN AMRO, BNP Paribas, Citigroup, Crédit Agricole Group, Gunvor, ING, Koch Supply & Trading, Macquarie, Mercuria, MUFG Bank, Natixis, Rabobank, Shell, SGS and Société Générale, all of which are fully respected companies.
Although this group of companies is undoubtedly stacked up to the edge, as already mentioned, komgo has touched ped ConsenSys for its blockchain experience and its unique insights into the main start-ups in this sector. Expressing his excitement, Joseph Lubin, a well-known supporter of cryptocurrency and co-founder of Ethereum and ConsenSys, wrote:
"We are entering a new era of simple and inclusive access to blockchain technology to advance more strongly, more collaborative, business relationships previously inaccessible.We are thrilled to see the major commodity trading banks and commodities come together to create komgo SA, which will radically simplify and accelerate reliability, verifiability and transparency. access to commercial financing across the industry. "
Many are confident that a collaboration between ConsenSys, together with the aforementioned startup, will offer innovative breakthrough innovations to parents over the coming months and years. As mentioned in the document that broke this news, komgo has already put on show the greatness, with the goal of launching two products by the end of this year.
The first "will standardize and facilitate" KYC processes without the use of a database or centralized system, while the second will be presumably "digital credit letters", which will allow legacy platforms to send digitized commercial data to komgo and its banking partners.
This news follows Grainne Mcnamara's comments about enterprise-level solutions, in which PWC Blockchain noted that companies find it difficult to implement such systems in a "scalable" way and is cheaper than traditional systems. But if komgo SA proves to be a success, like many hopes, its fears about the barriers that blockchain solutions will have to go through will be set aside with respect.Image highlighted by Shutterstock