Global commodity trading firms are faced with major challenges related to the retrieval, analysis and production of data. Many of them still use traditional, paper-based and manually intensive methods to track records. Moreover, a commodities exchange has to be managed across various authorities that will increase the risk of frauds, boost security vulnerabilities, extend the time for verification and suffer sad loss in terms of delayed payment methods. Applying ineffective and paper-based methods, miscommunication will lead to operational complexity in the commodity trading firm. With that in mind, our client wanted us to create and implement a software solution powered by blockchain and designed specifically to make financing processes optimized, speed up digitized transactions, better manage a portfolio of commodities and reduce fraud.
Understanding the client’s business needs and requirements, our team of specialists started to work on the blockchain project. Using a dynamic and comprehensive approach, we managed to develop a blockchain-based post-trade processing platform for commodities. Not only does it provide secure transfers, but it also uses a distributed ledger technology to tackle fraud challenges and make trade digitized.
In addition to that, the team made blockchain-powered KYC utilities viable. Only by creating a single tamper-proof KYC record through mutualization of the effort of carrying out KYC data can it demonstrate the AML (Anti-Money Laundering) regulatory compliance. Not only does this provide trust and make data secure within the blockchain platform, but it also provides efficiency in KYC processes.