American Company The Seam to Form Cotton Blockchain Consortium with IBM on Hyperledger Fabric

default
ADVERTISEMENTSBlockchain Expo Global 2020
Evident
Tymlez

Share with:


US Commodities trading and agribusiness software provider The Seam has announced that it is forming a Blockchain consortium for the global cotton industry in tandem with IBM. The company intends to lead an industry-wide collaboration initiative to create a supply chain and trading ecosystem built on IBM’s technology, specifically using Hyperledger’s Fabric.

“This new technology will be transformational for the cotton industry,” said Mark Pryor, Chairman and CEO of The Seam. “There are numerous organizations, processes, systems and transactions involved from field to fabric. Situated at the intersection of agriculture, finance and technology, The Seam with the help of IBM, is uniquely positioned to introduce Blockchain technology to cotton-affiliated businesses worldwide.”

The Seam has a successful history of innovation. In 2000, the company began operating the world’s first online, neutral trading exchange for cotton, on which tens of millions of bales have been traded and cleared on its platforms. In September 2016, The Seam launched a cloud-based commodity management system for the peanut industry, the first of its kind.

Blockchain technology encourages broad involvement with the benefits of a network effect, whereby a service becomes more valuable the more participation it has. IBM will play a key role in driving global adoption, with its digital footprint in all cotton-producing and consuming regions.

“Blockchain offers enormous potential to drive innovation throughout the cotton industry,” said Arvind Krishna, Senior Vice President, IBM Research. “A consortium approach using IBM Blockchain and the Hyperledger Fabric can help create greater efficiency and serve as the foundation of a robust system for massive collaboration.”

The ownership group of The Seam includes renowned cotton leaders Calcot, Cargill, ECOM Agroindustrial Corporation Ltd., EWR, Inc., Louis Dreyfus Company, Olam International, Parkdale Mills, Plains Cotton Cooperative Association and Staple Cotton Cooperative Association.

The Seam was founded by leading global agribusiness companies and specializes in commodity trading and management systems. In December 2000, it began operating the world’s first completely online, anonymous exchange for cotton trading. Since that time, the company has leveraged its software platforms and application development ability to expand into other commodity segments, including grains, peanuts and dairy. As a proven leader in the FinTech space, The Seam has cleared or processed more than $7 billion through its cloud-based platforms. For more information, visit www.theseam.com.

Share with:


About Richard Kastelein

Founder and publisher of industry publication Blockchain News (EST 2015), a partner at ICO services collective Token.Agency ($750m+ and 90+ ICOs and STOs), director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of some two dozen Blockchain startups and has written over 2500 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat. Irish Tech News put him in the top 10 Token Architects in Europe.

Kastelein has an Honorary Ph.D. and is Chair Professor of Blockchain at China's first Blockchain University in Nanchang at the Jiangxi Ahead Institute of Software and Technology. In 2018 he was invited to and attended University of Oxford's Saïd Business School for Business Automation 4.0 programme. He has over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division.

Kastelein has spoken (keynotes & panels) on Blockchain technology at over 50 events in 30+ citiies. He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe.  In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, 'The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he's raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

Visit Website
View All Articles
advertisements
Blockchain Partners

Token Agency
global
Tymlez
Blockchain Expo Global 2020
Ammbr Blockchain Technology

This site uses Akismet to reduce spam. Learn how your comment data is processed.