Ex-JPMorgan Chase & Co. Executive, Blythe Masters, said that the international commodity market will benefit from hundreds of blockchain projects. He made this statement during an annual dinner discussion with the guest at the London Metal Exchange a few days ago.
According to Blythe Masters, blockchain or the virtual ledger technology that forms the foundation of virtual currencies such as Bitcoin (BTC) have the potential to bring a major change in the working of commodity market by promising fewer paper exchanges, greater confidentiality, boost in productivity, and better provenance.
Masters is known as the wunderkind who became the managing director of JPMorgan at a young age of 28 and thereafter served as the global commodities head helping the development of credit-default swap. Currently, she is working as the CEO of Digital Asset Holdings, which is a New York-based tech startup promoting blockchain as a way to bring revolution in supply chains.
According to Masters, “Supply chains are notoriously complex and inefficient. This is especially true in the metals and mining industry where many operational and commercial practices remain inefficient and antiquated, leading to critical data omissions, security vulnerabilities, expenses, corruption, and unethical provenance.”
Blockchain technology is now slowly finding a base in the international commodity market where it is being used as a system to track materials via supply chains in diamonds, gold, and oil, Bloomberg reported. Standard Chartered Plc is now thinking of including this technology in their working to address the multiple-invoice fraud and associated risks that it is faced some time ago.
Masters said that hundreds of blockchain projects are underway with the potential to make a great impact on supply chains and the mining industry. The blockchain-based solutions are helping various global industries from agriculture to shipping to solve the issues related to the supply chain. Major companies like IBM and Walmart are also investing in blockchain technology to address their problems, Cointelegraph reported.
The Digital Asset Holdings of Masters is also developing software that will benefit the international commodity market with blockchain implementation. The software will help banks and investors and other participants who are trading assets and bonds.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]