{"id":2218,"date":"2017-03-29T19:51:46","date_gmt":"2017-03-29T19:51:46","guid":{"rendered":"https:\/\/blog.holytransaction.com\/?p=2218"},"modified":"2022-01-31T18:50:22","modified_gmt":"2022-01-31T16:50:22","slug":"ibm-blockchain-oil-trading","status":"publish","type":"post","link":"https:\/\/holytransaction.com\/blog\/2017\/03\/ibm-blockchain-oil-trading.html","title":{"rendered":"IBM Blockchain Oil trade platform: a new innovative project"},"content":{"rendered":"<p><strong>IBM<\/strong> &#8211; together with a group of other companies &#8211; has announced the development of a new blockchain-based crude oil trade finance platform.<\/p>\n<p>This group also includes Trafigura and Natixis bank that decided to join the creation of this new tool.<\/p>\n<p>The platform was created by using code from the <strong><a href=\"https:\/\/holytransaction.com\/blog\/?s=linux&amp;submit=Search\">Linux Foundation<\/a>-led <a href=\"https:\/\/holytransaction.com\/blog\/?s=hyperledger&amp;submit=Search\">Hyperledger<\/a><\/strong> project. Also, IBM\u2019s BlueMix cloud hosting service is utilized.<\/p>\n<p>Thanks to this trade finance platform, users can view transaction data on the blockchain that also hosts documentation and updates on shipments, deliveries and payments.<\/p>\n<p>Natixis is also a member of the <a href=\"https:\/\/holytransaction.com\/blog\/?s=r3&amp;submit=Search\"><strong>R3 distributed ledger consortium<\/strong><\/a> and isn&#8217;t new to blockchain-related trade finance applications because it also joined\u00a0the &#8220;Digital Trade Chain&#8221; project a few months ago.<\/p>\n<p>According to, Natixis\u2019 head of global energy and commodities, Arnaud Stevens, the bank believes the technolgy as a high potential of bringing down expense and boosting procedural transparency.<\/p>\n<p>These are his words:<\/p>\n<blockquote><p><em>&#8220;We want to use blockchain to optimize the antiquated arena of commodity trade finance. The current process is paper and labor intensive, we have multiple friction points with high processing costs and limited automation. Distributed ledger technology brings some much-needed innovation into our industry.&#8221;<\/em><\/p><\/blockquote>\n<p>This news is only the latest related to projects that aims at bridging of the blockchain and trade finance worlds.<\/p>\n<p>Also, we have to say that this is an application that attracted much interest from a wide range of companies and governments worldwide, including <a href=\"https:\/\/holytransaction.com\/blog\/2017\/06\/blockchain-passports-dubai.html\"><strong>Dubai<\/strong>.<\/a><\/p>\n<p>In the meantime there are also several other worldwide banks that are continuing to push ahead with related projects focused on the blockchain and commodities trade.<\/p>\n<p>A few days ago, in fact,\u00a0<strong>Dutch bank ING<\/strong>\u00a0is working on an oil trading pilot built on the <strong>Ethereum blockchain<\/strong> that has already conducted live transactions.<\/p>\n<p>&nbsp;<\/p>\n<p>Open your free digital wallet <a href=\"https:\/\/holytransaction.com\/app#!\/signup\">here<\/a> to store your cryptocurrencies in a safe place.<\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>IBM &#8211; together with a group of other companies &#8211; has announced the development of a new blockchain-based crude oil trade finance platform. This group also includes Trafigura and Natixis bank that decided to join the creation of this new tool. The platform was created by using code from the Linux Foundation-led Hyperledger project. Also, [&hellip;]<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":2,"featured_media":2221,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[926,944,1015,1386,1385],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v19.6 (Yoast SEO v22.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>IBM Blockchain Oil trade platform: a new innovative project -<\/title>\n<meta name=\"description\" content=\"IBM announced a new inoovative project related to the blockchain and a oil trade platform together with important worldwide banks. 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