Easy Trading Connect Blockchain Platform
Easy Trading Connect using blockchain explained 1 March - ING, Societe Generale, Cryptocurrency market predictions today Amro and other major industry players have a long-term ambition to improve security and operational efficiency in the commodity trading and finance sector through digitalisation and standardisation.
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Read our other articles on DLT/blockchain. · The Easy Trading Connect (ETC) platform was designed to digitalise and standardise commodity transactions.
It was first validated with an oil cargo transaction in Februarywith the subsequent launch in November of an energy consortium aiming to offer ‘blockchain-based’ services to the energy mtzd.xn----dtbwledaokk.xn--p1aition: Senior Press Officer Corporate Banking.
· The platform is expected to be operational by the end of and follows the ING-led blockchain initiative, Easy Trading Connect aimed at the larger commodity trade finance area. In addition, ING is a member of the R3 consortium, a group of banks exploring viable blockchain use cases in other areas.
Easy Trading Connect is the first comprehensive platform prototype to be developed which can be expanded and scaled across the commodity and finance domain and uses blockchain technology to overcome some of the industry’s biggest challenges. · The Easy Trading Connect (ETC) platform was designed to digitalise and standardise commodity transactions. It was first validated with an oil cargo transaction in Februarywith the subsequent launch in November of an energy consortium aiming to offer ‘blockchain-based’ services to the energy sector.
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· Watch the video on Easy Trading Connect  ETC was first validated last year, after a blockchain oil-trade test revealed that the average time for a bank to complete its role in the transaction went from about three hours to 25 minutes. “This time, ETC was upgraded to manage a more complex documentation chain flow for agricultural commodities,” said Anthony. Komgo, announced last September, is the latest incarnation of blockchain proofs of concept jointly run by ABN Amro, ING and Société Générale (SocGen), called Easy Trading Connect, which were first unveiled in late Its shareholders comprise ten significant banks, four oil companies and traders and certification company SGS.
The soybean cargo was traded on the Easy Trading Connect (ETC) platform, which was first validated with a petroleum oil cargo transaction in February The same principle was then applied to develop a blockchain-based platform for agricultural commodities trading, in collaboration with the various participants in such transactions.
Easy Trading Connect 1 The idea for a commodity trade finance platform came out of ING’s Innovation Bootcamp inin which employees were challenged to come up with smart ideas for transforming banking.
The first proof of concept of the prototype was subsequently carried out by ING, Société Générale and Mercuria in February Our experts work side by side with your team to rapidly build proofs of concept, starting with dissection of a use case and analysis of optimal blockchain platform. Taking a hypothesis-driven approach, we rapidly build a minimum viable product (MVP) to reimagine a business process and quantify the business impact to initiate the journey toward. Using blockchain technology, the Easy Trading Connect platform is meant to help digitalize and standardize commodity transactions for paperless trading.
(Video screengrab from mtzd.xn----dtbwledaokk.xn--p1ai) London | Reuters — A cargo of U.S. soybeans shipped to China has become the first fully-fledged agricultural.
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Joining forces on blockchain-based platform for energy commodities - ING is again at the forefront of the blockchain technology. This time joining forces with banks and some of the largest energy companies and trading houses to create a blockchain-based digital platform that intends to modernise and transform energy commodities trading.
The proof of concept (PoC) was conducted on an enhanced version of the Easy Trading Connect (ETC) platform – a prototype designed to digitalise and standardise commodity transactions and which was first tested by ING, Société Générale and Mercuria for an oil cargo transaction in February · Connect to real-time blockchain data from 20+ protocols.
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· The second platform prototype, named Easy Trading Connect 2, was completed in January in collaboration with global merchant firm Louis Dreyfus Company, ING, Societé Génerale and.
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Thus, now we have a Contour blockchain platform to manage our global trading. · In a statement, LDC, the merchant and processor of agricultural goods involved in the transaction, said that the processing of documents and data had been reduced fivefold by using the Easy Trading Connect (ETC) blockchain platform — designed to.
· Easy Trading Connect 1, completed in February with Societe Generale, ING and Mercuria, was the first successful platform prototype demonstrating how these new technologies could enhance real time access to information by all parties, the efficiency and the security of the process. Connect Your Financial Apps to the Blockchain World Cone is a universal API to connect your financial apps to any blockchain, exchange or smart contract GET A.
The group said in a statement on Monday that the shipment was carried out on the Easy Trading Connect (ETC) blockchain platform developed by the banks, which digitises documents such as sales contracts and letters of credit.
The group claims the technology reduced the time spent processing documents by fivefold. Last January, the bank used its Easy Trading Connect platform to complete the first blockchain trade of agricultural commodities.
The Amsterdam-based financial group claims that the “transaction shows yet again how blockchain. Komgo is based in Geneva.
Since last year ING, ABN Amro and Societe Generale worked together on a similar platform they called Easy Trading Connect. The. The companies took advantage of blockchain to digitalize the sales contract, letter of credit, and certificates using the Easy Trading Connect (ETC) platform. Blockchain is a distributed record of transactions that is maintained by a network of computers on the internet and first emerged with the introduction of Bitcoin. Commodity Traders, Major Banks Back New Blockchain Platform.
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including SG and Mercuria, centered around the Easy TradING Connect project. QT connects off-chain systems like banking or trading products and services to blockchain data.
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QT node infrastructure makes it easy for anyone building a wide range of Web applications to validate transactions, obtain information about them (query), and write data such as transfers or smart contract interactions (transactions). The core team of the two successful blockchain based Proofs of Concept (PoC) previously tested in energy and soft commodities trading (Easy Trading Connect 12 and Easy Trading Connect 23) have joined komgo SA to develop a decentralised Ethereum blockchain based platform.
Atato is a blockchain service provider. Our cloud blockchain service lets you connect your apps to the Ethereum blockchain. Based in Bangkok Thailand, we provide blockchain development, training and consulting services. The core team of the two successful blockchain based Proofs of Concept (PoC) previously tested in energy and soft commodities trading (Easy Trading Connect 1 and Easy Trading Connect 2) have joined komgo SA to develop a decentralised Ethereum blockchain based platform.
The company has recruited team members from Easy Trading Connect 1 and Easy Trading Connect 2, two blockchain-powered pilots for trading energy and soft commodities. Seeing as the new settlement platform will be built on Ethereum, the venture has struck a development partnership with Ethereum incubator ConsenSys, as well. The core team of the two successful blockchain based Proofs of Concept (PoC) previously tested in energy and soft commodities trading (Easy Trading Connect 1 and Easy Trading Connect 2) have joined komgo SA to develop a decentralised Ethereum blockchain based platform.
Toon Leijtens, chief technology officer of komgo SA, said. Agricultural trading firms Louis Dreyfus Company and Shandong Bohi Industry working with ING, Societe Generale and ABN Amro bank made what they call ” the first full agricultural energy commodity transaction using a blockchain platform.” The transaction culminated in a soybean shipment from the US to China, conducted on the Easy Trading Connect (ETC) blockchain.
• The "Easy Trading Connect" platform is the first comprehensive and realistic use of blockchain technology focusing on commodity trade and finance • Technology has the potential to transform the industry • Testing indicates dramatic improvements are feasible in terms of costs, speed and risk. · A group of global banks and heavy hitters from the trading and energy sectors have jointly launched a new blockchain-based platform for financing the trading of commodities.
The newly developed Swiss-based platform, which will be built on Ethereum’s blockchain will be called komgo SA and it is due to go live later this year. · Government of Dubai has launched the Blockchain-enabled Agriota E-Marketplace for sourcing and trading agricultural commodities.
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The new platform will connect Indian farmers with companies in the United Arab Emirates to trade cereals, pulses, oil. · In the same year, a similar solution was tested by the Swiss trading company Mercuria Energy Group in the supply of crude oil from Africa to China using the block trading platform Easy Trading Connect, created in collaboration with ING and Societe Generale.
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We provide a unified open source API as a base of how to connect. · The UNDP Accelerator Lab India announced that it’s all set to roll out its blockchain for Indian spices in March It has tied up with several partners including the government-run Spices Board of India to help Indian farmers benefit from blockchain technology.
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Louis Dreyfus Completes First Blockchain Trade
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· Easy Trading Connect is the first comprehensive platform prototype to be developed which can be expanded and scaled across the commodity and finance domain and uses blockchain technology to overcome some of the industry's biggest challenges.
· Its foundation followed two experiments carried out on ING’s Easy Trading Connect platform in energy and soft commodities trading in and early respectively. Advertising After months of building the platform, the first transaction was announced by Société Générale on its LinkedIn page on December “A new step in innovation.