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Natixis, IBM and Trafigura team up on blockchain oil platform – reported by the press

Natixis, IBM and Trafigura have pioneered the first blockchain solution in commodity trade finance for US crude oil transactions. The distributed ledger platform, built on the Linux Foundation open source Hyperledger Fabric, allows major steps in a crude oil transaction to be digitized on the blockchain, ensuring improved transparency, enhanced security, and optimized efficiency.

More specifically, the new trading platform allows trade documents, shipment updates, delivery and payment status to be shared across a single shared ledger, helping to reduce transaction time, duplication of documents and authentication processes among all trading partners.

The initiative is part of a broader effort to modernize trading in the global crude oil industry, which today is predominantly driven by manual, non-digital processes.

Following Moorgate’s outreach, the news was covered by: Finextra, Coinspeaker, GTR, Finance Magnates, Banking Technology, Bitcoin Magazine and Business Insider.

 

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