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


#1

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.

source: https://www.newsbtc.com/2018/09/20/ing-citigroup-shell-and-consensys-partner-to-create-ethereum-based-platforms/


#2

you are only serving others news please post your own views in this forumwhat we want and also like
that will be batter than this type of coppied news from others site


#3

Well I believed that this section is created for news to be brought here. Not everyone is expected to have read the recent news from other sites, that’s why I am bringing it here. And as far as I know, there have been news here too which I have read from the other sites too. Excerpt from those articles written by journalist. We are here to make everyone be informed on what is happening outside. Should I make my own news then, if have these as source of what is going on? Should I not let others know about it?


#4

and we should not accept useless answers many users showing himself over smart and answering our post uselessly that we don’t want


#5

A lot of news from outside that I don’t know yet, your post is very useful for me. Your own view or news from outside doesn’t matter.


#6

You are doing the right thing buddy. I never read news and its good that you are posting important news related to crypto here. This forum is for discussions and we can discuss based on every news, its outcomes and probable effect on market.
Everything is good here as long as all the forum rules are followed.

If you think some answers are useless then you should have some base for that. You can report those answers but that will only work it those posts are really useless and not just against your idea of useless. There is no need to be pissed here. We all are here to discuss abourlt crypto and we’ll keep doing that being in limits so that nothings offends anyone.


#7

Yep. I personally believe it is a huge development. As you can read on its latter part, " 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.", it is becoming at enterprise level and take note the firms involved are not just simple firms but huge enterprises dealing with financials especially the banks. Hopefully, this collaboration will be successful. And if so, it seems like, institutions will be among the players in the market too unlike today, mostly private individuals.


#8

If institutions becomes players in crypto market then we are looking at trillion dollar market easily. Prices will go crazy, just like 2017 or even more than that and that will be the real beginning of real crypto market.


#9

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.


#10

Not to piss you off again, but I think either more than one person is using your account on this forum or you have multiple personality disorder because sometime your English is impeccable and you really write very informative answer and other time you don’t even use punctuation.

Well, all is good btw.