An Ethereum based blockchain trade finance platform will be employed by Commodity traders, including Shell and Mercuria, in collaboration with a number of international banks. The aim is to make this platform to establish as the standard for the commodity trading industry.

Komgo SA, an Ethereum based ConsenSys based in Geneva, has developed out of the Easy Trading Connect project, a partnership between Dutch bank ING, and France’s Société Générale and Mercuria energy company.

The blockchain-based digital ledger system will enable tracking commodity transactions, such as oil trades. The project and the independent company is a larger collaboration of those three companies and an additional 12 founders, including Gunvor Group, and Royal Dutch Shell Plc on the commodities side. The partnering banks include ABN Amro Group NV, Macquarie Group Ltd, Cooperative Rabobank UA, Mitsubishi UFJ Financial Group Inc, BNP Paribas SA, Natixis SA, Citigroup Inc, and Credit Agricole SA.

According to a Bloomberg report from September 19, the three largest independent oil traders – Vitol Group, Glencore Plc, and Trafigura Group along with BP and Total are absent from the collaboration. Chief Technology Officer Toon Leijtens stated: