What is the problem ?
The commodity industry has been slow to change. Market participants and service providers remain disconnected, only being able to reach each other through out dated or not-fit for purpose communication tools. This has led to inefficient communication, inadequate price discovery and a poor allocation of services to the industry.
The lack of digitalization in this space has contributed to fraud, sometimes on an enormous scale such as Quingdao ( pop up ) and emailed payment instructions being intercepted and changed. Services such as new finance channels and credit insurance capacity have not been able to be accessed and utilized as the providers and those that need their services have not been connected. Inefficient processes and antiquated price discovery methods have caused rising costs and shrinking margins.
How will we solve it ?TradeCloud is already building communities and connecting the industryover it’s secure, efficient and easy to use platform. Our digital vision, centred around the Corda blockchain will make transacting and executing physical commodity trades, fast, efficient, secure, both reducing costs and improving margins at the same time.
August 2016
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January 2019
Post FINMA no action letter
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