S&P Global Platts is Seeking Blockchain Use to Enhance Commodity Trading
S&P Explores Blockchain To Improve Commodity Trading
S&P, a global price reporting agency, is looking into blockchain technology and its potential to transform the commodities market. The company announced at the Annual Asia Pacific Conference that it will partner with Enterprise Singapore to digitalize the market.
James Rilett, the head of S&P stated “Our investment to create a dedicated innovation lab to catalyze the digitalization of commodity markets reflects our long-term commitment to Singapore and our aim to provide participants with innovative technology solutions that power the commodities markets of the future.”
The agency is currently working on two projects that will digitalize the markets. The first project focuses on digital recording of oil inventory data, it collects views of market participants, and creates use cases that can record, verify, and report data. The project will be released with the help of blockchain technology and it is projected that it will enable individuals to receive market data more readily.
The second project involves building a “full-time innovation lab” in Singapore. The lab integrates blockchain and real-time analytics. Further, the enterprise plans to host workshops focused on innovation and hackathons for market participants so that they can explore the uses of “blockchain, alternative data sets, and new computational methods to trade and risk manage commodity portfolios,” according to a statement released by the S&P.
Satvinder Singn, Enterprise Singapore’s Assistant CEO stated:
Enterprise Singapore will work with Platts to enable specific innovative projects and bring together like-minded partners to identify, validate and deploy solutions that will bring industry-wide benefits, such as the digital reporting of oil inventory data. Singapore’s startups in the trading space will also stand to benefit from the grooming and mentorship that that Platts Lab will offer.