#LME joins @Mercuria-led #Blockchain-based Global #Metals Tracking Consortium #Forcefield

"World's largest metals trading venue has supported the group led by Swiss trader Mercuria, which would provide a better picture of the flow of metals around the world. Dubbed "Forcefield", also includes banks such as Macquarie and ING.

"While the LME closely tracks metal such as copper, zinc and aluminium that sits in its global network of warehouses, a far larger amount of metal is traded and stored outside of the exchange. In addition the LME has no approved warehouses in China, the world's largest consumer of metals

Blockchain's distributed ledger technology would reduce the need to have one central owner of the database, who would have too much private information to make it viable ... In a blockchain-based system "you know where your metal is, you have proof of your metal, but nobody can see what your metal is and where your metal is,"

Read the article on the Financial Times

https://www.ft.com/content/ad8e9d58-4fd9-11e9-b401-8d9ef1626294

 

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