kongo, valk, Tradelens are just some of the consortiums who recently announced the use of blockchain technology in various trade financing, logitics and trade digitisation processes. The enthusiam for blockchain among large banks, commodity houses, shipping lines, inspection companies has seem unabated with last week’s announcement of the Voltron, a platform for tokenizing letter of credit:
NatWest, one of the banks involved, said the industry is now seeing what is “probably the first development in letters of credit for 250 years”.
But just like there are overlapping of shareholders and objectives in komgo and valk, the same thing happened between Volton and Marco Polo, which focuses on open account trade finance solution. In the spirit of blockchain technology, we will see commodity trading ecosystem continued to be expanded rather than one entity taking a monopoly position.