Commodity Trade & Finance Network
Catalyse commodity transactions through the trade and finance network with state of the art platform technology.
The komgo platform is a network enabler among multiple distributed ledger technology platforms further connecting the industry ecosystem.
The ecosystem provides a legal context to all users and federated platforms and ensures that member onboarding follows a clearly defined process that reduces risk of bad actors coming close to the platforms and at the same time is open to all fair actors that want to join.”
The komgo platform is interesting and in some cases unique because of its:
- Ease of integration
- Trusted and secure components
- Blockchain technology
- TRUE cross platform features
Ease of integration
komgo network members easily connect through industry adopted and standard interfaces.
Whilst at the core of our solution we use the excitingly new distributed ledger technology there still is a lot of legacy IT technology that we use for interfacing and data management.
Application interfaces are open and well documented. They are built using the well-known REST standard and documented in Swagger, which makes it easy to integrate the komgo functionality. Also members can link their AIM (Access & Identity Management) system to komgo and as such control the security and authentication of their users using their existing infrastructure. With docker container technology all components can be easily deployed in your own controlled environments.
Trusted and secure components
The komgo platform will shift the way we think about trust and security in the trade environment.
A key design decision in the development of the komgo platform is privacy by design. Other members on the platform, including komgo, only have access to the detailed data when access is granted by proxy of transaction set up and are thus invited by the owner(s) of that data to take notice.
Standard and well known crypto-technology (RSA-2048) is used for signing and encryption of data.
Identities and public keys are shared with all member platforms in the same ecosystem. Our quality onboarding process ensures that all members in the address book can be trusted.
A komgo member can generate and control their individual key for signing and encrypting data. Automated key rotation and one-time transaction keys are used to protect the privacy of our members.
Increase commodity transaction potential through distributed ledger technology.
Ethereum blockchain technology is used in a federated context with privacy features to control the state of transactions managed through the komgo platform. Our implementation of this technology is such that for all involved in a transaction the data is available on a need-to-known basis. With partial/limited disclosure to some actors that do not need to see more.
komgo’s distributed ledger technology is working towards the Enterprise Ethereum Alliance standard. This will allow us to have more control over the roadmap and will provide komgo with the support from the fastest growing blockchain community.
TRUE Cross platform features
komgo and the labs of its founders have developed an Hashbinding Atomic Broker protocol. Through this unique feature komgo and other platforms in the same ecosystem can define transactions that cross-over from one platform to another. This very same feature can be also used to link platforms based on different kinds of distributed ledger technology.
Commodity Trade Catalysing Partners
Trade has always existed and over centuries it has been a powerful tool in the acceleration of markets and the creation of wealth whilst adapting to every era.
Since the 1980s the process of globalisation has pushed international trade to levels unprecedented. Trade finance has been at the forefront of the globalised economic development. Today, we are about to reach a new era of full digitalisation and the industry is demanding a new collaboration design for the trade network to continue its growth.
komgo is convinced that the complimenting technological, entrepreneurial, legal and trading expertise delivered by our partners will ensure our solutions to comply with industry standards. Together we aim to understand and improve expectations in terms of privacy, security and efficiency. Meet our partners in the next slides.
Consensys is a global formation of technologists and entrepreneurs building the infrastructure, applications, and practices to enable a decentralised world. At its core, ConsenSys is a venture production studio and blockchain software development consultancy creating decentralised applications, enterprise solutions and developer tools for blockchain ecosystems, focused primarily on Ethereum.
ConsenSys Solutions is our consulting arm that helps global organizations build, test, and deploy public and private blockchain solutions. The Solutions team (hailing from IBM, Credit Suisse, R3, and Deutsche Bank, among others) works with enterprises, governments, and financial services institutions such as komgo.
Clyde and Co
Clyde & Co is a leading, sector-focused global law firm with 415 partners, 2200 legal professionals and 3800 staff in over 50 offices and associated offices on six continents. The firm specialises in the sectors that move, build and power our connected world and the insurance that underpins it, namely: transport, infrastructure, energy, trade & commodities and insurance. With a strong focus on developed and emerging markets, the firm has achieved compound average annual revenue growth of 15% over the last ten years, making it one of the fastest growing law firms in the world with ambitious plans for further growth.
Clyde and Code
Clyde Code is a first of its kind consultancy for smart contracts, blockchain and tokens launched by global law firm Clyde & Co in September 2017. It supports companies with smart contracts needs by providing fully integrated legal and technical advice – advising on smart contract creation, enhancement, verification and enforcement.
The VAKT platform is a digital ecosystem for physical post-trade processing. Leveraging blockchain technologies, it is a single source of the truth for the trade lifecycle. It will eliminate reconciliation and paper-based processes, enhance efficiency and create new trade finance opportunities.
VAKT is driven by nine leading energy companies and banks who have committed to embracing blockchain technology, working together to develop an industry-wide solutions.
komgo co-catalysers of the network-based trading principle are:
Inspection and Certification Company
Inspection and Certification Company
komgo co-catalysers of the network-based trading principle are:
Inspection and Certification Company
ING, Société Générale and Mercuria team up to digitise the first oil transaction utilising blockchain innovations. The platform – under working title “Easy Trading Connect” – is designed for paperless trading and aims to digitalise and standardise commodity transactions in order to increase speed and efficiencies in the trade process.
The first oil transaction is a success and ING and Société Générale present the results of the Easy Trading Connect blockchain prototype during IP Week in London. The test proved that there were significant speed, cost and risk benefits to be achieved.
The prototype was used in a real trade to validate expectations. The experiment involved an oil cargo shipment containing African crude which was sold three times on its way to China, and included traders, banks as well as an agent and an inspector, all performing their role in the transaction directly on the platform.
Launch of a unique collaboration, several of the world’s largest trading houses, integrated energy companies and banks intend to create and invest in a new venture, which will be managed and operated as an independent entity. The new venture will develop a blockchain-based digital platform intended to modernise and transform post-transaction management of physical energy commodities trading, pending relevant regulatory approvals. The independent entity is VAKT (ING, Société Générale, ABN Amro, Mercuria, Gunvor, Koch, Shell, BP, Equinor).
Following the crude oil transaction again ING, Société Générale, ABN Amro and Louis Dreyfus Company (LDC) team up to digitise the first agricultural transaction.
Incorporation of VAKT with 9 investors and unique tender to explore technology and select IT partners.
Easy Trading Connect 2
Another success for the team – Louis Dreyfus Company (LDC), Shandong Bohi Industry Co., Ltd (Bohi), ING, Société Générale and ABN Amro -. Completed the first full agricultural commodity transaction using a blockchain platform.
The enhanced Easy Trading Connect (ETC) blockchain prototype reduces time spent on processing documents and data from hours to minutes, and allows for a larger trading scope.
ETC team delevop and share the Open Financing Platform Information Memorandum. The initiating companies are ING, Société Général, ABN Amro, Mercuria and Shell. They commence the building of a network strategy and invite 10 new investors.
On August 21th, komgo incorporated with 15-co-catalysersers.
Jan 9, 2019
komgo, a new blockchain-based platform backed by some of the world’s largest commodity trade finance banks, is now live. komgo is a platform that digitises and streamlines trade and commodity finance. Founded as an independent venture in August 2018, its 15 shareholders include a mix of corporate and financial players: ABN Amro, BNP Paribas, Citi, Crédit […]read more
Jan 7, 2019
One year ago, I wrote an article for CoinDesk in which I humbly argued that the price of ether didn’t matter and what everyone in the blockchain community should focus on is building useful applications instead. Hate to say I told you so, but… I did. A few short months later, CryptoKitties were chased away by the […]read more
Oct 11, 2018
Enterprise Blockchain For Trade Financing The significance of the recent trade financing network komgo In late September, fifteen of the world’s largest banking and commodity companies announced the formation of komgo (a company registered in Geneva as Komgo SA). komgo will build a global blockchain-based trade financing platform. Since its formation, komgo has received international […]read more
Oct 5, 2018
15 of the World’s Biggest Institutions including banking institutions, trading companies, an inspection company and an energy major have came together to form a new venture firm called Komgo SA. Komgo SA is based in Geneva, Switzerland, and is due to go live later this year. It was created with the objective to digitize the […]read more
komgo’s objective is to take pole position in catalysing the commodity trade network.
“At komgo we are delighted with the further establishing of an industry inclusive commodity trading proposition. Our launch follows the success of two major Proof of Concept trading solutions developed in partnership with our current shareholders. Not only were Easy Trading Connect 1 & 2 successful as a product but it also catalysed the commodity trading and financing network. As a result we can proudly say that the connective lay work among 15 international key players in the field has been formed. We look forward to progressing those ambitions by welcoming more players to the network as our collection of solutions will grow.
I am also happy to say that our current shareholders and strategic partners are equally convinced that the complimenting technological and entrepreneurial expertise delivered by ConsenSys will ensure our solutions will comply with industry standards. Together we aim to understand and improve expectations in terms of privacy, security and efficiency.”
In our future outlook we, at komgo, see a world where interoperability is key.
"Bridging complex technology networks is where we find our comfort. After taking on the blockchain challenge from its day of conception we are committed to the belief that the potential for a network based trading revolution is huge.
Now that Ethereum, by proxy of its massive adoption, has grown into the only global distributed blockchain with smart contract features, we can convincingly step into that space.
Our industry inclusive solution finds merit in this battle hardened technology. The fact that the Enterprise Ethereum Alliance has developed an open standard - which means that thousands of engineers are already familiar with the technology - the building of components towards open specifications can truly commence.
komgo will catalyse this new standard because we want all participants in commodity trade to benefit from a healthy competition. We’ll be sure to quickly understand the best performing and fitting components that the community is building and incorporate that in our network based solution."
Head of Product
Getting closer to the industry core of digital transformation starts at komgo.
“komgo is at the center of the industry’s digital transformation. We are building an enterprise grade blockchain controlled and managed network that will enhance communication through-out the supply chain. The network secured platform will standardise processes and accelerate digitised efficiency while maintaining control over data and keeping it in full privacy.
We aim to catalyse the fading digital paper constraints. Paper based contracts, financial obligation, documents or title are progressively leaving our industry landscape. Soon, data is the paper and we will have rid the industry of discrepant documents.
The transformation of the supply chain has been irrevocably set in motion and trade finance institutions will have no other option but to adapt to this new world or they will be replaced.”
Complexities resolved through the network, and dissolved through blockchain integration with member legacy technology
"Blockchain technology, as demonstrated through our ETC proof of concepts, has proven its game changing value for the complexities we aim to solve.
From start, the blockchain accelerator team developed our first concept trades as true. This approach had us quickly realise that principle technology remains crucial in the acceptance of a network based proposition.
With the majority of our careers spent working with a legacy of banking technologies, not to mention its wide collection of variables, we decided to make integration a key focus in the development of the komgo platform."
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