Despite a couple of DLT POCs in the commodity space, the outlook for long term adotion remains murky
Alistair Cross was flying high after showing in a pilot project how blockchain could transform the old-fashioned world of commodity trading. But since the pilot ran early this year, Cross and his rivals have hit some hard realities as they try to propel their industry into the digital age at last. Even if problems in the blockchain technology are ironed out, the sector has to hammer out common legal standards, ensure there are links between different dealing platforms and persuade scattered elements of the supply chain - from commodity producers and brokers to traders and consumers - to co-operate. For Cross, the fear is that a profusion of systems will emerge. "There's got to be consolidation in all this because if everyone comes up with their own offering it will be too burdensome, it will kill itself," he said.