BETTING ON BLOCKCHAIN: Trafigura blockchain group pilots iron ore trade finance deal

A consortium including Singapore-headquartered DBS Bank and commodity trading firm Trafigura has completed its first pilot trade on an open-sourced blockchain trading platform, with $20 million-worth of iron ore to be shipped from Africa to China in November 2019.

The trade finance platform, called ICC TradeFlow, is also backed by Singapore government agencies Infocomm Media Development Authority (IMDA) and Enterprise Singapore, as well as the International Chamber of Commerce (ICC) and blockchain firm Perlin. The platform is built on IMDA’s TradeTrust network infrastructure and powered by Perlin’s blockchain technology, and is designed to be inter-operable with existing and future digital trade...

Published

Andrea Hotter

November 06, 2019

15:48 GMT

New York