Expert Predicts Blockchain Projects to Increase Commodity Market Supply Chain Efficiency Greatly
Expert Predicts Blockchain Projects to Increase the Efficiency of Commodity Markets
A former JPMorgan executive, Blythe Masters, has predicted that tens if not hundreds of blockchain projects are set to bolster the efficiency of the commodity markets.
Masters, who is now the CEO of her own software outfit Digital Asset Holdings said, supply chains are complex and inefficient but that it would benefit immensely from the advent of distributed ledger technology.
She made the comments to attendees of the invite-only London Metal Exchange (LME) annual dinner.
Meanwhile, the supply chain aspect of various global industries from shipping to agriculture has formed a focus for blockchain-based solutions involving many major corporations, including most recently Walmart and IBM.
“Although there are uncertainties about the readiness of blockchain tech to go on mainstream implementation, the technology looks set to benefit legacy structures by simplifying bureaucracy, increasing confidentially, and boosting productivity, Blythe noted.”
Masters’ Digital Asset Holdings is similarly designing software to aid the sector in blockchain implementation, she said at the LME event, involving banks and investors among other participants trading bonds and assets.
Bloomberg notes that the LME market still sets prices via an open-outcry trading ring.