Blockchain reaches the Cotton Industry.

The US software provider of commodity trading and agribusiness The Seam, which has cleared or processed over 7,000 million dollars through its cloud – based platforms, is forming a blockchain consortium with IBM for global industry cotton Fabric Hyperledger deployed. Beginning earlier this year and prepared to produce significant efficiencies.

Through the use of a secure, distributed and immutable digital accounting book through Blockchain, the protagonists of the project scheduled to begin in the first quarter of 2017 postulated that it allows companies to work together in a “trust base, higher speed And less interference. “

Seam President and CEO Mark Prior expressed the optimism of his company: “This new technology will be transformative for the cotton industry. There are numerous organizations, processes, systems, and transactions involved from field to fabric. Located at the intersection of agriculture, finance and technology, The Seam with the help of IBM, is In a unique position to introduce blockchain technology to cotton-affiliated companies around the world.

Working with IBM, the Memphis, Tennessee-based company has unveiled its intention to lead an “industry-wide collaboration” to create a supply chain and commercial ecosystem based on IBM block technology, specifically with Hyperledger Fabric. Developing block solutions with modular architecture, plug-in implementations and so-called container technology.

Development must be seen in the context of applying Blockchain technologies to global supply chains that could generate billions of dollars in annual efficiencies according to the likes of “Big Blue” – IBM. While leveraging open source best practices, Hyperledger Fabric enables confidentiality, scalability and security in enterprise environments.

The IBM Research vice president Arvind Krishna said: “A consortium approach using IBM Blockchain and Hyperledger Fabric can help create greater efficiency and serve as the basis of a robust system of mass collaboration”.

The Seam has a track record of success when it comes to innovative transformation of this kind.

The company launched the first neutral cotton exchange online in 2000, a market that has seen tens of millions of transactions since the beginning of its operations. Because of this fact, there is reason to be optimistic that this partnership will bear fruit for the cotton industry and all those who are associated with it. 

Sources: Diario Bitcoin , BraveNewCoin

Disclaimer: InfoCoin is not affiliated with any of the companies mentioned in this article and is not responsible for their products and/or services. This press release is for informational purposes only. Information does not constitute an investment advice or an offer to invest.

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