Imperial College London Joins Kynetix to Develop a Commodities Blockchain

Kynetix, a provider of electronic solutions for physical commodities in the financial and banking world, has announced a partnership with Imperial College London - a science-based UK university with a cryptocurrency research center - to develop the commodity-specific Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term operating model complete with working software.

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The partnership began with the creation of a Target Operating Model for a blockchain-centric commodities platform. This has now been implemented within Sentinel, Kynetix’s specialist commodity title and post trade platform. Prior to its own solution, Kynetix designed and built both the LMEsword and ICE Guardian platforms.

Scott Riley, Blockchain Lead for Kynetix, commented: “There is a lot of focus on distributed ledger technology (DLT), particularly in the Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term and settlement areas; however, there is still a lot of ambiguity around specific details such as liquidity and interfacing with fiat currency systems. What we see is a unique opportunity to address some inherent challenges in the physical commodities world which are not dependant on legacy securities infrastructure. The two distinct work streams we are addressing with Imperial College are high-payback use cases. These allow our consortium participants to take real advantage of pragmatic DLT based solutions.”

Matt Dolton, Director at Kynetix, added: “Our years of experience in delivering solutions that bring trust and transparency to commodity exchanges and the banking world gives us real insight. It seems to us that the commodities world has an opportunity to jump ahead and embrace the latest technology advances to provide business advantage for the specialist commodities industry. We’re delighted to be working with the thought leaders at Imperial College to create solutions for real world challenges.”

Prof William Knottenbelt, Director of the Imperial College Centre for Cryptocurrency Research and Engineering, noted: “Working on innovative real-world use cases for blockchain technology is a key focus for us. We are delighted to be working closely with Kynetix in this fascinating application space.”