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The Seam, IBM team up to launch cotton blockchain consortium using Hyperledger Fabric
Commodities trading and agri-business company, The Seam, announced on Thursday that it has collaborated with IBM to form a blockchain consortium for the global cotton industry, using the Hyperledger Fabric.
“This new technology [blockchain] will be transformational for the cotton industry. There are numerous organizations, processes, systems and transactions involved from the field to fabric. Situated at the intersection of agriculture, finance, and technology, The Seam with the help of IBM, is uniquely positioned to introduce blockchain technology to cotton-affiliated businesses worldwide,” Mark Pryor, Chairman and CEO of The Seam, stated.
IBM will have an important role in the collaboration to drive global adoption with its digital footprint in those regions that produces and consumes cotton. The Seam’s ownership group includes renowned cotton leaders Calcot, Cargill, ECOM Agroindustrial Corporation Ltd., EWR, Inc., Louis Dreyfus Company, Olam International, Parkdale Mills, Plains Cotton, among others.
“Blockchain offers enormous potential to drive innovation throughout the cotton industry,” Arvind Krishna, Senior Vice President at IBM Research, said. “A consortium approach using IBM Blockchain and the Hyperledger Fabric can help create greater efficiency and serve as the foundation of a robust system for massive collaboration.”
Last year, major banks Commonwealth Bank of Australia (CBA) and Wells Fargo have used blockchain technology to process and execute shipment of cotton from the U.S. to China in order to provide a breakthrough for the future of international trade. The 88 bales of cotton transaction became the world’s first cross-border interbank trade that was executed on the blockchain.
In December 2000, The Seam started operating the world's first online, neutral exchanges for cotton trading. Since then, the company also added other commodities like peanuts to its trading platform. The Seam helps customers discover and trade at true market prices using technologies that open markets to the entire agribusiness and food industries.