It’s difficult not to feel a sense of hype about blockchain – or more accurately distributed ledger technology. Everyday brings a bunch of new announcements regarding blockchain pilots, proof of concepts, and so on. Despite that, it has backers ranging from IBM, Mercuria, Shell, BP and many more. An announcement yesterday by a Maltese company called Tiqpit Solutions also attracted my interest and the white paper it has provided to my inquiry makes for highly interesting reading. The company has developed a prototype Commodity Trading system based on distributed ledger technology. It says ‘the final system, called tiqpit – platform, is designed for commodity trading based on distributed ledger technology and shall consist of a trading, reporting, finance, insurance and logistics modules providing the needed services for the commercial commodity industry in one single platform. The tiqpit – platform is the first independent commodity trading platform developed without the involvement of big corporations and provides the real revolution across the commodity trading sector. The platform provides an autonomous marketplace for all participants minimizing the need of intermediaries, creates an improved market place without barriers.’ Plainly, it is still talking about a future state but, the white paper makes a compelling… continue reading
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