34115Utilizing Distributed Ledger Technology & Smart Contracts to Improve Commodities TradingClosedCollaborative R&DInnovate UKCarbonChain's project is to develop an end-to-end commodities trading platform utilizing Smart Contracts & Distributed Ledger Technology (SC/DLT) to reduce costs and enable faster settlement of commodities trades. A wide array of industries are increasingly turning to SC/DLT to reduce costs and increase transparency across their supply chains. Shipping company UPS is utilizing SC/DLT to increase transparency in their shipping supply chain. Food giants Nestle and Unilever use Smart Contracts to increase visibility in tracking produce as it moves through the supply chain. Even the World Food Programme is using SC/DLT to improve food aid distribution efficiency to refugees across the globe. However, companies in the commodities sector (mining, oil & gas, agriculture, etc) have yet to embrace SC/DLT on a large scale. In particular, the process by which commodities are traded is still paper-based and has not changed significantly in the past century. With commodities margins consistently declining over the past 25 years, companies are facing increasing pressure to effectively engage with technology to reduce costs and drive growth. Given the increasing urgency of this problem, we have identified an opportunity for companies in the commodities sector to utilise the game-changing technology of SC/DLT to: * Automate trade processes & remove middlemen, reducing the cost & time needed to settle commodities trades * Improve visibility and quality of real-time information to increase the efficiency initiating and reviewing trades * Eliminate back-office and unnecessary processes to enable a greater trade volume and profitability We believe that the practical application of SC/DLT can help commodities companies settle commodities trades cheaper and faster, ultimately improving profitability alongside sustainable growth. CarbonChain's leadership team has significant experience to execute this project, having worked across multiple functions (trading, technology, supply chain management, strategy, banking and M&A) and sectors (steel, aluminum, copper, diamonds, oil & gas etc) in the commodities industry, and having already piloted a commodity trade for a London based steel trader via our InnovateUK funded, SC/DLT powered, Proof of Concept. To ensure long-term success, we are supported by our industry partners, CRU International (a London based commodities business intelligence company providing pricing, data, consultancy, and market & business analysis to commodities industry players) and the International Steel Trade Association (a London based trade body for companies involved in steel trading).