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- 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."