AgTech

Its spreading to commodities. We're talking blockchain, the technology behind bitcoin, which is rapidly being adapted all over the financial industry for........well, about every type of transaction. French bank Natixis and commodity trading firm Trafigura have a trading platform developed by IBM to transact crude oil trades. The CME Group is already working in the 'agtech' space and if they are in it will only get bigger. Gee, who knew oil and stuff like corn could be high tech. Super read to keep up with a fast growing sector.

(Bill Taylor/CEO)

Banks and traders are experimenting with the technology behind bitcoin in an effort to solve longstanding problems in the trading of physical commodities.

Blockchain, the technology used to record ownership of the cryptocurrency bitcoin, has been making inroads recently in the financial world. Central banks and other institutions are exploring it for payments and data sharing. Big banks including J.P. Morgan Chase & Co. and Citigroup Inc. have tested the technology in recording financial transactions.

Now commodities players are trying out blockchain to help buy and sell goods and raw materials.

French bank Natixis and commodity trading firm Trafigura Pte. Ltd. unveiled a platform in late March with International Business Machines Corp. to carry out U.S. crude-oil transactions electronically using blockchain technology.

Source: WSJ (May require paid subscription)