Comdex Completes Over $10M Worth of Commodity Trade Processes

Event Calendar Press Releases Friday November 8, 2019 16:52
SINGAPORE--8 Nov--PRNewswire/InfoQuest

Comdex, a commodity trading platform built on the Commit blockchain, has completed trades worth over $10M on its platform. Comdex is enabling commodity traders to engage in cross-border settlements and conduct Pre-trade and Post-trade Workflows. Trade financing is expected to be introduced on the platform in 2020.

Earlier this year, Comdex completed its first cross-border commodity settlement in the form of a wheat commodity transaction between Malaysia and Australia. The trading organizations involved utilized Comdex's payment gateway and escrow system to settle the un-financed trade.

Comdex offers greater operational efficiencies through digital KYC/AML solutions, efficient data processing, and document management along with improved trust by leveraging blockchain-based solutions for digital document provenance. Early adopters have therefore found it to be the preferred solution for their needs.

While established commodity trade houses such as the likes of Cargill or Bunge maintain sophisticated in-house trade platform solutions, the majority of SMEs and MEs in emerging markets rely on archaic methods of communication and data exchange. This results in a general lack of trust between parties transacting across borders. Comdex aims to tackle this issue by leveraging blockchain features like immutability, provenance, and consensus which in turn reduces the settlement time.

The blockchain enforces trust between trading parties, Comdex and also trade financiers, who will be onboarded onto the platform as well. The Comdex application is built on the Commit Network, an enterprise blockchain comparable to Corda or Hyperledger. The Commit Network is based on the Tendermint blockchain that also powers the increasingly popular Cosmos Network.

Instead of establishing a centralized hosting infrastructure to operate the blockchain, the Comdex application relies on a network of 'validators' or 'real-time chain auditors'. These 'validators', consisting of B-Harvest, CertusOne, Figment Networks, and StakewithUs, ensure that neither Comdex nor any other entity can manipulate transactions conducted on the platform.

About Comdex

Comdex is revolutionising the fragmented commodity trade industry, making it efficient, fast and transparent. The vision of Comdex is to augment the rudimentary process of global commodity trade to minimise settlement times and maximise transparency, efficiency and immutability in trade discovery and trade financing at lightning speeds. The solution is designed to harmoniously tie the existing banking protocols and modern technology to ensure trust, speed and scalability of transactions and settlement.

For further information, please email us at info@comdex.sg
Logo: https://mma.prnewswire.com/media/1025761/Comdex_Logo.jpg

Latest Press Release

Photo Release: Bayer Thai makes a donation to support efforts to combat COVID-19 at The Thai Red Cross Rehabilitation Center

Jirawat Jehteh (fifth from left), Site Manager Bangpoo, Bayer Thai Co.Ltd., recently presented a donation to Prof. Dr. Sek Aksaranugraha (fourth from left), Director of The Thai Red Cross Rehabilitation Center Sawangkaniwas in Samutprakarn. The is aimed...

Emirates expands network to 70 destinations worldwide

Emirates has announced it will resume passenger services to Kuwait City (5 August) and Lisbon (16 August). This will take Emirates’ passenger network to 70 destinations in August, over 50% of its pre-pandemic destination network, as the airline...

KTC jointly with leading gold shops offer special promotions for Mother’s Day

“KTC” or Krungthai Card Public Company Limited, jointly with leading gold shopsoffer special privileges for Mother’s Day for purchases of gold jewellery with KTC credit card. Cardmembers earn up to 30,000 Baht credit cash back and the...

FitTripper donates 1 million Baht to get Bangkok back in the gym

FitTripper, a fitness marketplace, is donating one million Baht to support Bangkok’s fitness industry during its recovery from lockdown. The donation is available to companies in Bangkok who want their employees to maintain a fit and healthy...

“We Are Model Fashion Show Arty X Snoopy” ณ ศูนย์การค้า MBK Center

We Are Model by Lookmee ร่วมกัแบรนด์ Arty Professional จัดงานแฟชั่นโชว์ครั้งแรกของธีมสนูปี้ หลังคลายล็อกดาวน์ในงาน “We Are Model Fashion Show Arty X Snoopy” ณ ศูนย์การค้า MBK Center. “We Are Model by Lookmee”...

Related Topics