DYOR Crypto Wiki
Advertisement

After great community collaboration DYOR has rebranded into CryptoWiki.me 🥳 a moment to celebrate!

From now on all new information will be added within the CryptoWiki.mecommunity website! No longer over here. So be sure to move over to stay on top of new research developments!

Same content - better & cleaner experience 🤝

DYOR started out in 2015 on Fandom and has now grown to ~3500 pages on CryptoWiki.me 🤩

All the information that you can find in these pages is public knowledge with sources provided. The community is encouraged to add truthful and unbiased entries to further this body of work.

Follow @cryptowiki_me on Twitter to be up to date on pages being created or edited.

Basics

  • A consortium of 15 big banks that includes Citi, BNP Paribas and ABN AMRO. Komgo wants to use the blockchain to bring efficiency to the financing of goods shipped around the world, like oil.
  • Has investment from ING.

"In July 2019 ING conducted its first commodity trade on Komgo, powered by the Quorum blockchain. The $43 million letter of credit was processed and approved by ING Geneva for Mercuria Energy Trading SA in a matter of minutes."

Has consultancy from Consensys

  • "Problem: Commodities financing requires a tremendous amount of trust between transacting parties to hedge against all of the vulnerabilities the industry’s complexity allows. Imagine a container being transported from Hamburg, Germany to Long Beach, California, two of the largest ports in the world. That one container requires many verification points along the supply chain, meanwhile banks, financers, imports, exporters, and governments all experience financial risk resulting from any potential delays, errors, or miscommunication.
  • Solution: Komgo is a global blockchain-based trade financing platform that can digitize letters of credit, which are traditionally paper documents that describe the financing options firms have on commodity trades.
  • Future Implications: The Komgo platform will eventually provide digital verification of cargo shipments for specific letters of credit, which can provide transparency, reduce costs, and prevent fraud."
Advertisement