Global Smart Commodity Group shares 5 predictions on the Future of Smart Contracts
The blockchain revolution is transforming commodities trading and redefining market transparency and transactions at a global scale with the help of smart contracts.
This transformation impacts industry trust and transparency, opportunities for underserved markets, and will be the gold standard for commodities platforms. Commodities trading platform Global Smart Commodity Group (GSCG) captures these trends in its latest report “Commodity Wisdom: How Smart Contracts Are Changing Supply Chain Management.” It explains that the major industry issue for commodity trading is that it’s extremely fragmented and under a lot of pressure to modernize rapidly.
“Markets are very dynamic, the more information the world learns about up and coming commodities, where they come from, and how they’re grown is the exact information which allows people to choose products efficiently and effectively,” said Jack Bouroudjian, Chairman of GSCG. “The modern world is a data-driven place that has created our current digital age. Future markets will have greater efficiency in this ecosystem by using smart contracts. Capital efficiencies and data capture—along with maintaining the provenance of data—will be in the foreground for companies viewing this new landscape.”
The new report addresses the current state of commodity trading, how smart contracts will shift, and impact the markets globally. Smart contracts have the potential to drive forward the industry through transparency, traceability, and data integrity. Maintaining the provenance of data capture while informing all participants.
“It’s imperative to create global standards for commodities and keep industry participants accountable,” said Robert Alberghine, President and CEP of GSCG. “We also want to proliferate the markets among the user base to make sure everyone has access to commodities. As the trading and investing community has shifted towards online platforms, we have witnessed the effect it has had on the economic landscape over time. Although it makes markets more efficient it also might affect jobs and livelihoods as the technology changes and develops.”
To access the full report, visit: https://www.smartcommoditygroup.com/global-perspectives/how-smart-contracts-are-changing-supply-chain-management/
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