Distributed Ledger Technology’s Advent on Commodity Markets
At the London Metal Exchange annual dinner during LME Week, Blythe predicted that “tens if not hundreds” of blockchain projects will increase the efficiency of commodity markets. And commodity supply chains will greatly benefit from blockchain technology.
DLT will provide a greater confidentiality, fewer paper exchanges, better provenance and hence a boost in productivity, said Blythe during a dinner speech. Blythe Masters addressed about 2,000 metals producers, buyers, brokers and investors at LME dinner saying,
Supply chains are notoriously complex and inefficient. This is especially true in the metals and mining industry. Where many operational and commercial practices remain inefficient and antiquated. This leads to critical data omissions, security vulnerabilities, expenses, corruption, and unethical provenance.
This technology acts as a means to track materials through the supply chain not only in the gold, oil and diamonds industry but in banks as well. Standard Chartered Plc, a bank which was the topic of discussion regarding the rumors of forged commodity-storage receipts, is looking at DLT to address this multiple-invoice fraud.
Further, addressing industries such as mining through shipping and trading, DLT has the ability to enhance them from a ground level. And said, “tens if not hundreds” are underway. Blythe also added saying,
Blockchain facilitates the exchange of critical trade documents, bills of lading, letters of credit between connected users securely and confidentially, clearly, the indications for metals mining, shipping, storage, and logistics industries are nontrivial.
However, confirmed that, while not everyone shares his opinion on DLT affecting the mainstream industries. The technology looks to benefit legacy structures by
- Simplifying bureaucracy
- Increasing confidentially
- Boosting productivity
Blythe Masters the wunderkind, made into JP Morgan at the young age of 28. She went on to become the head of global commodities. She is also the Chief executive officer of New York tech startup Digital Asset Holdings. Moreover, she is advocating on blockchains revolutionizing the supply chain industry.
Meanwhile, Masters has taken an active role in promoting Bitcoin (BTC) and blockchain. She has also joined an advocacy group the Chamber of Digital Commerce’s board of advisors in 2015.
Masters is the wunderkind, we need more people like her. People who understand the mentality of the crypto-space and the people in it. Do you agree?
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