Boston Consulting Group (BCG) has concluded that the use of blockchain technology in the commodity sector is overhyped, at least from a trading perspective. In the last two years, commodity companies and banks have been busy conducting trials and implementing the distributed ledger technology (DLT), but its benefits for commodity trading applications have been exaggerated, according to the US-based management consultancy.
Antti Belt, who co-authored the BCG report, commented for Reuters:
“There are so many pilot schemes but none have become real production scale systems yet. One of the problems is that it’s not designed for physical trades. The fundamental issue: how do you track a physical entity in a virtual world? It’s two worlds colliding.”
So far, the volume...
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