S&P Global Platts explores blockchain to improve commodity trading
S&P Global Platts, the commodity price reporting agency, is exploring how blockchain can transform the commodities market. The company announced at the Annual Asia Pacific Petroleum Conference [APPEC] in Singapore that it will team up with Enterprise Singapore to digitize commodity markets.
“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,” said James Rilett, head of innovation at S&P Global Platts.
The agency seeks to execute two projects to initiate the digitalization of commodity markets. The first project will focus on the digital recording of oil inventory data, collecting views of market participants and creating use cases that will help record, verify and report the data. This project will be rolled out with the help of blockchain technology and other technologies to improve the efficiency and speed of delivery of market data to the people.
The second project is to build a ‘full-time innovation lab’ in Singapore. The lab will focus on integrating blockchain and real-time analytics to achieve this vision. The new enterprise plans to host innovations workshops or hackathons for market participants to explore the uses of “blockchain, alternative data sets and new computational methods to trade and risk manage commodity portfolios,” S&P Global Platts said in a statement.
“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 Platts Lab will offer,” said Mr. Satvinder Singh, assistant CEO of Enterprise Singapore.
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