At the 2017 FinTech Ideas Festival, IBM CEO Ginni Rometty discussed cognitive business, recent developments with blockchain and the future of finance, as well as our work to form a cotton blockchain using the Hyperledger Fabric.
U.S. commodities trading and agri-business software provider The Seam, which has cleared or processed over $7 billion through its cloud-based platforms, is forming a blockchain consortium in conjunction with IBM for the billion dollar global cotton industry deployed on the Hyperledger Fabric, with the project kicking off early this year and poised to yield significant efficiencies.
When IBM CEO Ginni Rometty took the stage as keynote speaker at the FinTech Ideas Festival this month in San Francisco, she mentioned how the tech giant is working with a Memphis agribusiness to improve trading.
The cotton industry may evoke images of rural farmers and old Memphis industry, but modern-day businesses rely heavily on cutting-edge technology for production and trade.
In another example of how IBM is using blockchain, it also just announced that it’s partnering with The Seam, a commodity trading and management systems company, to create a cotton industry consortium devoted to the creation of a blockchain-based “supply chain and trading ecosystem.” The effort will make use of IBM’s blockchain technology and expertise and will use IBM’s Hyperledger Fabric in an industry-first.
2016 seemed to be the year of blockchain big bank consortia, perhaps 2017 will be the year of blockchain consortia in other industries. Today, The Seam, a commodities trading, and agribusiness software provider, announced the formation of a blockchain consortium for the global cotton industry. In conjunction with IBM, The Seam wishes to create a supply chain and trading ecosystem built on IBM blockchain tech using the Hyperledger Fabric.
The Seam, a commodities trading and agribusiness software provider, today announced that it is forming a blockchain consortium for the global cotton industry. Working with IBM (NYSE:IBM), the company intends to lead an industry-wide collaboration initiative to create a supply chain and trading ecosystem built on IBM blockchain technology, specifically using the Hyperledger Fabric.