Blockchain Industry

ING, Citigroup, Shell And ConsenSys Partner to Create Ethereum-Based Platforms

Nick Chong | September 20, 2018 | 9:12 am
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Blockchain

ING, Citigroup, Shell And ConsenSys Partner to Create Ethereum-Based Platforms

Nick Chong | September 20, 2018 | 9:12 am

In spite of a multi-month tumultuous market, institutions continue to clamor for the implementation of innovative systems and solutions that are based on blockchain technologies.

15 Firms Enter A ConsenSys-backed Blockchain Initiative 

On Wednesday morning, a media embargo on one of the most notable blockchain-related developments of this year was finally dropped. As per a short, but sweet four-page document, entitled “Industry Players and Banks Join Forces to Launch Blockchain Platform to Transform Commodities Trade Finance,” 15 of the “world’s largest institutions,” along with blockchain startup ConsenSys, have joined hands to make a collaborative foray into the enterprise-level blockchain platform space via a new firm called komgo SA.

Although many questioned the document’s validity at first, due to a seemingly “dubious website” linked to this venture, Bloomberg, Reuters, and ConsenSys itself have since corroborated this unexpected, yet welcomed development.

komgo SA, which has already been backed by leading banks, trading companies, and energy firms, intends to digitize the global trade ecosystem via a blockchain-based “open platform.” To facilitate this ambitious move, komgo has been incorporated in Geneva, Switzerland, which has become a leading cryptocurrency and blockchain hub.

It is important to note that the 15 firms that have contributed to this startup are: ABN AMRO, BNP Paribas, Citigroup, Crédit Agricole Group, Gunvor, ING, Koch Supply & Trading, Macquarie, Mercuria, MUFG Bank, Natixis, Rabobank, Shell, SGS and Societe Generale, which are all well-respected firms in their own right.

Although this lineup of firms is undoubtedly stacked to the brim, as aforementioned, komgo has tapped ConsenSys for its blockchain expertise and its unique insights into leading startups in this industry. Expressing his excitement, Joseph Lubin, a well-known cryptocurrency proponent and the co-founder of Ethereum and ConsenSys, wrote:

“We are now entering a new era of simple and inclusive access to blockchain technology to advance stronger, more collaborative, business relationships previously out of reach. We are thrilled to see leading commodity trade finance banks and commodity houses come together to create komgo SA, which will radically simplify and accelerate trustworthiness, auditability, and accessibility to trade financing across the industry.”

Many are hopeful that a collaboration between ConsenSys, coupled with the aforementioned startup, will parent ground-breaking new innovations within the next few months and years. As alluded to in the document that broke this news, komgo has already eyed greatness, aiming to launch two products before this year’s end.

The first will “standardize and facilitate” KYC processes without the utilization of a centralized database or system, while the second will purportedly be “digital letters of credit,” which will allow legacy platforms to submit digitized trade data to komgo and its bank partners.

This news follows PWC Blockchain head Grainne Mcnamara’s comments regarding enterprise-level solutions, in which she noted that firms are finding it difficult to roll out such systems in a manner that is “at-scale” and is cheaper than traditional systems. But if komgo SA proves to be a success, as many hope, her fears about the barriers that blockchain solutions will need to cross will be respectfully cast aside.

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