Kynetix Transfers Commodity Title over Blockchain with Coinsilium Help
Kynetix, a provider of commodity settlement and physical deliveries platforms, revealed recently that it had successfully transferred title to a single lot of pepper using its blockchain-based Sentinel platform.
The company’s inventory management and delivery platform, Sentinel, is designed to link the physical economy and the financial markets by creating electronic records of title, ownership and storage of commodities. his ostensibly provides opportunities for streamline financing, collateral, settlement of derivatives contracts, and post trade processes.
The founders of Kynetix saw an opportunity to leverage blockchain technology to deliver an immutable distributed ledger of title-related activities for greater transparency for our markets.
Kynetix contacted Coinsilium, a blockchain technology investment keiretsu, to collaborate on a proof of concept for title transfer through Sentinel.
Matt Dolton, co-founder of Kynetix, commented:
Integrating Sentinel with blockchain for title transfer is a first step but clearly we appreciate that there are still many challenges unique to the physical economy in addition to the technology
Founded in 1996, Kynetix provides specialist technology solutions for physical commodities markets including inventory management and physical deliveries.
Coinsilium recently launched a crowdfunding effort on the Seedrs platform ahead of a planned listing on London’s ISDX market. The firm has raised £1,168,771 of a £1,500,000 target.