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Foreign News: Big banks back blockchain trade finance

A new venture to build a blockchain-based trade and commodities finance platform, dubbed komgo SA, has the backing of 13 banks and trading companies: ABN Amro, BNP Paribas, Citi, Crédit Agricole, Gunvor, ING, Koch Supply & Trading, Macquarie, Mercuria, MUFG Bank, Natixis, Rabobank, and SocGen - as well as energy giant Shell and inspection outfit SGS. Developed in partnership with ConsenSys, the decentralised Ethereum blockchain-based platform is aiming to launch before the end of the year with two products - one will standardise and facilitate KYC processes; and the second will allow exchange of digital letters of credit, trade data and documents, reports Finextra.

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