Chief of Commodities Trading Giant says Blockchain Could Cut Oil Industry Costs by 30%
The chief executive of Swiss-based Mercuria, one of the world’s largest commodity traders, sees blockchain adoption among the oil and gas industry within 2017.
The head of Swiss-based Mercuria was speaking at the recent Reuters Commodities Summit, where he revealed just how big the commodities industry is on blockchain, a Reuters report revealed.
The industry sees nearly all of its core processes still work on paper and takes several days for transfer of value – presided by a settlement agency – in every step along a trade transaction. Among blockchain technology’s use-cases besides remittance and post-trade in the global finance industry, trade finance in the commodities industry is an obvious use case, with the entire industry in need of an efficient upgrade.