NEWS
New report on expansion of blockchain technology in the commodities market
The blockchain revolution is transforming commodities trading and redefining market transparency and transactions at a global scale with the help of smart contracts .
This transformation impacts industry trust and transparency , opportunities for underserved markets and will be the gold standard for commodities platforms . Commodities trading platform , Global Smart Commodity Group ( GSCG ) captures these trends in its latest report : Commodity Wisdom : How Smart Contracts Are Changing Supply Chain Management . It explains that the major industry issue for commodity trading is that it ’ s extremely fragmented and under a lot of pressure to modernise rapidly .
“ Markets are very dynamic , the more information the world learns about up-and-coming commodities , where they come from and how they ’ re grown is the exact information which allows people to choose products efficiently and effectively ,” said Jack Bouroudjian , Chairman of GSCG . “ The modern world is a data-driven place that has created our current digital age . Future markets will have greater efficiency in this ecosystem by using smart contracts . Capital efficiencies and data capture – along with maintaining the provenance of data – will be in the foreground for companies viewing this new landscape .”
The new report addresses the current state of commodity trading , how smart contracts will shift and impact the markets globally . Smart contracts have the potential to drive forward the industry through transparency , traceability and data integrity . Maintaining the provenance of data capture while informing all participants .
Swiss shipping companies more likely to lose business than UK counterparts
time to sanctions screening and monitoring , compared with 43 % in Switzerland .
Half ( 50 %) of Swiss shipping organisations and 38 % of their UK counterparts have lost business because they were unable to demonstrate compliance with sanctions requirements , reveals new research by Pole Star , a global leader in vessel-tracking , sanctions screening and regulatory technology .
In addition , the research also found compliance departments in UK trade finance organisations on average devote 50 % of their
The research , which was conducted among 350 heads of trade , compliance and finance in the trade finance sector in the UK and Switzerland , has revealed that while banks in the UK and Switzerland lack technology to screen vessels and transactions , too few carriers and shipping companies can demonstrate compliance with international sanctions . These requirements have become more stringent since the 2020 advisory from the US Office of Foreign Assets Control .
Only 16 % of UK shipping companies and 22 % of their Swiss counterparts have sanctions compliance and monitoring technology they describe as ‘ excellent and fit for purpose .’ It is therefore no surprise that almost two-thirds of UK shipping organisations ( 65 %) and four in 10 in Switzerland ( 39 %) have been unable to show sanctions compliance when banks asked them for it . www . intelligentfin . tech
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