The company ConsenSys was responsible for developing the platform using Ethereum technology and its headquarters will be located in Geneva. Komgo SA will be the main administrator of this tool and hope to launch it before the end of this year.
Up to date companies such as Shell, BNP Paribas, ING, BN AMRO, Citi, Crédit Agricole Group, Gunvor, Koch Supply & Trading, Macquarie, Mercuria, MUFG Bank, Natixis, Rabobank, SGS and Societe Generale are part of the project. They hope many others join the initiative through tome.
The platform will incorporate a digital letter of credit, which will allow companies of basic products or other industries to present their commercial data to potential customers.
The headquarters of Komgo SA will be in Geneva, a country that houses a large number of commodity trading companies around the world. This will offer great possibilities of growth to the emerging industry.
On the launch of Komgo SA, its director Souleïma Baddi said that “it implies a shared vision for industrial innovation, and underscores the existing commitment among its members to build a really open and very efficient network for trade in basic products.”
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