Natixis, IBM and Trafigura Announce Blockchain Solution for U.S. Crude Oil Market

Natixis – the international corporate, investment, insurance and financial services arm of Groupe BPCE, IBM and physical commodities trading group Trafigura have pioneered a new blockchain solution in commodity trade finance, aimed at 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 view 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 cancellation of the letter of credit.

 

READ MORE OF THE ARTICLE AT CHAIN-FINANCE.COM

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