Kris van Broekhoven, global head of commodity trading finance at Citigroup, said the bank had boosted its stake in Komgo to allow the company to continue its business growth.
Komgo started operations in 2018 in collaboration with ConsenSys. It aims to facilitate trade finance in commodity markets. The company’s network helps brokers, financial institutions and business service providers to connect through blockchain technology.
Broekhoven confirmed that distributed ledger technologies can modernize trade finance. “The industry has been heavily dependent on the exchange and manual processing of paper documents for over a century.”
“Now blockchain technology serves as a catalyst to disrupt the industry towards the processing of electronic data,” he added.
Broekhoven also indicated that Komgo’s support from the financial industry encouraged the bank to partner with the blockchain startup.
He also went up to say:
“This way we help to ensure that the features that Komgo develops really address the pain points of a wide variety of users—beyond banks—and the platform has a number of institutions behind it that commit to transacting on the platform.”
Citi integrates into Komgo’s trade engine
In addition to increasing its ownership in Komgo, Citigroup has begun integrating its trade system with the company’s blockchain.
“Komgo helps to speed up turnaround times, improve data reconciliation, and reduce the risk of fraud and human error,” Broekhoven said.
Blockchain’s role in combating coronavirus
Some organizations are also testing the Blockchain capabilities in tracking medical supplies and managing health records.
Moreover, governments and health authorities will use the Blockchain technology in advising citizens and learning about the symptoms of coronavirus disease.
The Blockchain may also contribute to tracking donations in favor of efforts to combat the “Covid 19”.