Following the R3 project, Kynetix also led a blockchain exploration project

Kynetix, a UK-based post-trade technology services company, recently announced that it will work with market stakeholders to explore use cases for blockchain technology for inter-enterprise collaboration.

Kynetix said that so far, 15 companies have participated, ranging from commodity trading companies, investment banks, clearing houses to brokers, but did not disclose the specific names of these companies.

According to Kynetix, their project exploring blockchain is similar to the one led by R3CEV.

Guillaume Kendall, Kynetix’s head of business development, said the company is looking to position its services between “the real economy and financial markets,” making blockchain technology an ideal means of doing so.

Kendall told CoinDesk:

“Our software focuses on the various post-trade elements of the commodity trading lifecycle, specifically addressing settlement, physical delivery, inventory, collateral and title transfer for the industry, and we see the potential for blockchain technology to revolutionize the latter.”

Kendall said the goal of forming the blockchain exploration group is to work with key partners to study what benefits blockchain technology can bring to their businesses.

He said that Kynetix's efforts are the follow-up exploration force of the R3 project, which highlights the innovativeness of the R3 project and affirms the milestone status of the R3 project in exploring blockchain technology in collaboration with traditional financial companies.

When CoinDesk further asked Kynetix about its partners, Kynetix’s public partners London Metals Exchange, financial institution Stonehage and UBS did not respond. Only InterContinental Exchange responded that it was not involved in the project.

Kynetix said the first meeting of their blockchain exploration group will take place in London on November 25.

Original article: http://www.coindesk.com/post-trade-tech-firm-seeks-to-build-commodities-blockchain-consortium/
By Pete Rizzo
Translator: printemps
Editor: printemps
Source (translation): Babbitt Information