The world’s largest metal derivatives market, the London Metal Exchange (LME), has reportedly backed an initiative that would track physical metal using blockchain technology.
The Financial Times (FT) cited in a report that “people familiar with the effort” had confirmed LME was in support of the consortium initiative spearheaded by Swiss commodity trading company Mercuria.
While LME chief executive Matt Chamberlain did not directly come out in support of the initiative when he was approached by the FT for comment, he did say if such a scheme was successfully instated it would be “a huge win for the metals trading community”.
The scheme dubbed ”Forcefield” would enlist a blockchain system to track the movement of physical metals internationally, with advocates saying it would the help buyers track the source of metals while helping traders prove their ownership.
Blockchain in the logistics industry has proven one of the most successful use cases for the technology. Experts have praised blockchains transparency and ability to streamline logistics in global trade while, as well as helping to identify against counterfeit goods.
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