Why is the commodities trading not using the blockchain technology?

[AliyaNasar06]

We all agree blockchain and cryptocurrency has the disruptive power. However, we see no commodity traders enter the crypto and blockchain to enhance transparency.

[Contagem]

You are absolutely right. Blockchain can reduce processing time, eliminate the use of paper and save money while ensuring transparency, security, and trust. These are the key benefits of blockchain in trade finance. Removing bad actors and forcing everyone to play fair in a new transparent way of doing business will virtually eliminate the risk of manipulation by participants in the chain.

[Betim]

Blockchain is interesting not only in trade, but also in other sectors of the economy. Many bankers see trade finance as an area with the most significant potential to benefit from blockchain technology. A highly inefficient, fragmented and some would say broken infrastructure and customer delivery experience is ripe for disruption.

[Niteroy]

You are right, the use of Blockchain technology is becoming increasingly popular every day, but at the moment very few companies and enterprises are ready to apply it. I often read that large and medium-sized businesses are looking to use Blockchain technology. I advise you to read an interesting article about what horizons Blockchain opens in the field of trade for manufacturers and end users:
http://blogs.worldbank.org/trade/can-blockchain-revolutionize-trade

[newzone]

You are correct. Commodities Industry needs a blockchain and crypto platform. This is why New Zone Intertrade FZE wants to use blockchain in their trading platform to ensure transparency and automation. Through our New Zone Tokens, buyers and sellers can trade without worry about payment delays. Come to our telegram and ask questions to us about how we are changing the face of commodities trading

[Zed0X]

There is this platform called Blockmarket created by the Syscoin team where you can basically trade everything you want like soft or hard commodities. Check it out.

[tamango]

There are many financial sectors that have started using blockchain like in some internal banking systems and insurance one for claims. It will take time but this tech will be implemented for sure

[Leebarnes]

Some of The e-commerce industry is now making ICO sooner or later they will engage in the blockchain technology.

[ivanleon]

You are absolutely right. Blockchain can reduce processing time, eliminate the use of paper and save money while ensuring transparency, security, and trust. These are the key benefits of blockchain in trade finance. Removing bad actors and forcing everyone to play fair in a new transparent way of doing business will virtually eliminate the risk of manipulation by participants in the chain.

And the trade itself is ready for such a level of transparency, because then they will not be able to manipulate prices and dishonestly promote goods, simply deceive. In many countries, this is a common practice, unfortunately. Often the credibility of trade is not the people. On the other hand, it excludes many intermediaries, and these are also people who want to work and get paid.They'll have to retrain.

The way out of this situation is an honest competitive market, which will decide everything in favor of blockchain projects related to retail.

[Iconic]

Because blockchain technology is not transparent. Because in regulating the financial system is using a decentralized system, so individuals can also manage it themselves without having to be centralized. That's why this blockchain technology can't be used in commodity trading to date.

[muneerashine]

It's because of the common legal standards and the regulators have to grant their approval for a technology. Some business will become redundant a lot of things need to settle. 

[Lilian0701]

Я думаю что со временем торговля оценит блокчейн технологии. И многии перейдут на ее использование.

[ipanks]

We all agree blockchain and cryptocurrency has the disruptive power. However, we see no commodity traders enter the crypto and blockchain to enhance transparency.

Because many things need to set especially when they want to migrate to the blockchain technology. I guess they need more time to learn about blockchain itself and once they are get something useful, then I think they will start to implement this, and in the end, they can try to migrate their system to the blockchain technology which will more powerful to their system.

[Mikam]

because this blockchain technology can't be used in commodity trading to date. blockchain technology isn't transparent. Because in regulating the financial system using a decentralized system, so that individuals can manage it themselves without having to be centralized. And the managers still do not understand about blockchain technology.

[zenbook]

We all agree blockchain and cryptocurrency has the disruptive power. However, we see no commodity traders enter the crypto and blockchain to enhance transparency.

The problem with blockchain is that the interactions in the chain are trustless but the real world is not. There are projects that are backed up by commodities, but they require constant audit.