How Distributed Ledgers Can Illuminate the Metals Supply Chain

In the metals and mining industry, often you want to know where your product is coming from. End users want to know if the source material is “conflict free,” that is, it’s not coming from a war zone or being mined illegally.

And the immutability and decentralized nature of blockchains mean that they can be used as ledgers to track metals across the globe. For instance, the Ethereum-driven company ConsenSys is creating a blockchain consortium called Minerac to team with metal concentrates platform Open Mineral to make mineral trading and metals supply chains more efficient.

IBM, Five International Banks Pilot Blockchain-Based Platform for Trade Finance

Batavia, a global trade finance platform based on distributed ledger technology (DLT), which has been jointly developed by a consortium consisting of IBM, Bank of Montreal, CaixaBank, Commerzbank, Erste Group and UBS, “has successfully completed its first live pilot transactions with corporate clients.”

“The complexity of today’s global financial systems is making it more important than ever for networks of institutions to work together with their clients to efficiently and securely share trade data,” said Jason Kelley, general manager of IBM Blockchain Services, in the company’s press release announcing the pilot. “The members of Batavia have demonstrated how sharing data among permissioned network members can accelerate cross-border trades and bring new transparency to the financial system, both in real-time and at scale.”

Using Blockchains to Increase Supply Chain Efficiency

The global supply chain and logistics market surged past  $8.1 trillion in 2015 and is set to exceed $15 trillion by 2023, according to a report from Transparency Market Research.

Supply chain management, which involves controlling a product’s flow from the sourcing of raw materials to the distribution of the final product to the consumer, can be extremely complex. Some supply chains involve hundreds of processes carried out by several companies in numerous geographic locations.

Coca-Cola Partners with U.S. Department of State on Blockchain Project for Labor

Forced labor and workers’ rights violations are a pernicious problem worldwide.

The 2017 “Global Estimates of Modern Slavery” report shows that an estimated 25 million people are being subjected to forced labor, with the majority of this activity taking place in the Asia-Pacific region.

Marco Polo Group Advances Blockchain-Based Trade Finance Solution

Can distributed ledgers be the next big thing in the trade finance industry? A group of major international banks and their partners in the blockchain ecosystem clearly think so, as they begin pilot operations for their Marco Polo trade finance initiative.

The State of Trade Finance