In 2018 a blockchain consortium focused on funding the commodity supply chain was formed by Dutch bank Rabobank, commodities trader Concord Resources and warehousing firm PGS. In November 2019 the group executed a physical sale and repurchase (repo) trade using blockchain, the
CTRM Center reported.
Repos are a type of financing, in which the lender temporarily owns the goods instead of getting a lien or charge over the assets. The original asset owner repurchases the commodity at an agreed time and slightly higher price.
In July 2019, Insurer AON and software developer
Gen10 joined the consortium. They participated in the blockchain trial, which involved the repo trade of aluminium between Concord and Rabobank.
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