On 21 December, Geneva-based komgo, the global blockchain-based trade financing platform backed by 15 of the world’s largest banking and commodity companies, processed its first live Letter of Credit, just three months after the
launch announcement.
Société Générale confirmed on LinkedIn that it used the blockchain network to finance a transaction for North Sea oil with trading company Mercuria. As with several other enterprise blockchains, it’s a cautious soft launch.
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 2017. Its shareholders comprise ten significant banks, four oil companies and traders and certification company SGS. Komgo has seven shareholders in common with the
VAKT blockchain for post-trade commodities.
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