How Citi and ConsenSys Are Using Blockchain Technology to Modernize the Commodity Trading Market

Citi’s Global Head of Commodity Trade Finance explains how the world’s largest institutions are coming together to build an end-to-end blockchain solution for commodities trade financing.

Recently featured in Forbes’s Blockchain 50 list, the Ethereum-based komgo platform is being adopted by a growing number of global banks, commodity traders, energy corporates, and other key players in the trade finance ecosystem who are determined to bring the industry into the 21st century. From digitized letters of credit to tamper-resistant data sharing, the platform is helping to simplify, secure, and standardize operations across the traditional trade finance industry, supporting the use case for blockchain for global trade.

komgo was launched in 2018 after 15 of some of the world’s largest banks, trading companies, and oil giants came together in partnership with ConsenSys to address challenges such as paper-based processing, delayed transaction settlement, potentially costly invoice factoring, and fragmented record-tracking in trade finance. The platform is the first blockchain-based solution for the commodity trade ecosystem.