Australian company CommChain has released a world-leading commercial blockchain-enabled, digital trade settlement platform for the bulk commodities industry.
Launching today, the Trade Settlement Offering is a game-changing product. It replaces the existing paper system with a fast and secure digital platform that can create Contracts of Carriage with just a few keystrokes.
CommChain founder Gary Zamel, who has more than 40 years’ experience in the resources sector, said the Trade Settlement Offering is set to revolutionise the trading process.
“The Trade Settlement Offering is a proactive response to global disruption. We’ve cut out the paper and increased the speed of the trade settlement with a platform that is secure,” Mr Zamel said.
“Buyers, sellers and shipowners can network directly to draft and finalise Contracts of Carriage for the first time.
“Shipowners are able to release digitised Contracts of Carriage instantly and laboratories can provide their vessel quality results in a secure and immutable environment.”
The efficacy of the Trade Settlement Offering was proven during CommChain’s ground-breaking block-chain enabled, end-to-end trade Proof of Concept project last year. The Proof of Concept illustrated that blockchain-based processes were commercially viable and bring enormous benefits in the form of savings of both cost and time, security, and provenance.
Mr Zamel is joined by co-Founders Faith Dempsey, founder of Queensland-based TransCoal and TransBulk Logistics, and Phil McCarthy, respected veteran of the coal industry.
CommChain co-founder Faith Dempsey said the Trade Settlement Offering improved efficiency and liquidity for companies as the speed and accuracy of information would lead to faster payments.
Ms Dempsey said: “An immediate benefit to the coal industry is the elimination of the liquidity ‘air-gap’ for those Sales Agreements which rely on paper-based shipping documents being delivered to the Buyer to commence the payment process. In addition, the risk of losing or delaying document delivery via couriers is eliminated. These efficiencies can also be applied to the Buyer’s business with their end-users if blockchain technology is used.
“Let the Australian resources industry be a leader in this field, not a follower.”
About the Trade Settlement Offering:
- It is a digital network developed on R3 Corda blockchain technology
- Buyers, sellers, and shipowners can network directly to draft and finalise Contracts of Carriage which are linked to the underlying vessel Charter Party between the Shipowner and Buyer or Seller and the Coal Sales Agreement between the Seller and Buyer
- Shipowners can release digitised Contracts of Carriage instantly
- Laboratories can provide their vessel quality results in a secure and immutable environment
- Digitised commercial invoices are automatically calculated and delivered instantly into the buyer’s internal systems supported by laboratory certificates
- The platform is easily extendable to include unlimited counter parties
- It is a secure blockchain environment, enhanced through the use of Notaries
- There is no paperwork.
Media enquiries: Matthew Wall | SVP Sales and Marketing | +61 419 223 982
CommChain is an Australian company changing the way bulk commodity trades are processed. Eliminating the need for archaic paper-based documentation, CommChain’s blockchain-based solution offers a suite of features that are designed to improve the efficiency in bulk commodity trading.
TransCoal is a unique Queensland based logistics management and marketing support business respected by the mining industry internationally for its track record in delivering efficient and cost-effective logistics services in coal and minerals.