These Oil Traders Are Trying to Overhaul the Industry With a Blockchain Venture
- New Komgo entity will develop ledger to track commodity trades
- Shell, Mercuria, Gunvor team up with banks including ING, Citi
Photographer: Martin Divisek/Bloomberg
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Commodity giants Mercuria Energy Group Ltd. and Gunvor Group joined forces with Royal Dutch Shell Plc and a slew of international banks to create a trade-finance venture aimed at becoming the industry standard.
Using blockchain technology, the Komgo SA venture will develop a digital ledger-based system to track commodity transactions, the partners said Wednesday. The inclusion of some of the biggest lenders in trade finance may help establish a universal norm after previous efforts to use blockchain faltered.