Is blockchain the ingredient to shifting market power in commodity trading?

Last month 15 banks including ABN Amro, Macquarie and ING announced that they are to launch their first commodity trading platform for financing the trading of commodities using blockchain technology.

The platform (to be called Komgo) will operate out of Geneva and will start with two products. The first one will standardise and facilitate the know-your-customer process. The second product will be a digital letter of credit, allowing commodity houses or other platforms to submit digital trade data and…