Shell partners with Citi Bank on new blockchain platform

Shell partners with Citi Bank on new blockchain platform

/ Technology & Smart Cities / Sunday, 23 September 2018 12:52

A number of multinational organizations including oil and gas behemoth Royal Dutch Shell and banking colossus Citi Bank announced the launch of a new blockchain platform that has been established to facilitate mega oil and gas deals.

The new platform has been entitled the Komgo SA - and it represents the latest introduction of several in the financial sector to utilize the revolutionary and cutting-edge blockchain technology driving cryptocurrencies like bitcoin.

Some of the other major players that are involved in the new consortium which consists of fifteen enterprises overall are BNP Paribas, ING and Swiss energy trading titan Mercuria.

In an official statement released by the consortium of multinational giants stated that the new venture reflected a shared vision for industry innovation across multiple industries in an effort to digitalize trade.

The statement read, "Fifteen of the world's largest institutions, including banks, trading companies, an inspection company and an energy major have formed a new venture known as Komgo SA, that will seek to digitalize the trade and commodities finance sector through a blockchain based open platform," the consortium said in a statement.

The launch of komgo SA highlights a shared vision for industry innovation and underlines the ongoing commitment among members to build a truly open and more efficient network within commodity trading," said Souleima Baddi, CEO of the komgo SA.

Komgo will also launch two products by the end of the year, the statement added. The first will seek to facilitate the "exchange of documents in an encrypted way over the blockchain technology on a need to know basis".

The second will allow commodity houses or other platforms to submit digital trade data and documents to komgo SA customer banks of their choice.

Long regarded with mistrust, blockchain has over time come to be used far beyond the confines of the world of cryptocurrency -- with banks, luxury firms, sports clubs, entertainment giants and The World Bank embracing the technology over the years’.

Blockchain works by allowing digital data to be shared in a highly protected, decentralised ledger of transactions.

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