Kynetix, a global leader in commodity settlement and physical deliveries platforms, today announced it has successfully transferred title to a single lot of pepper using its blockchain-enabled Sentinel platform.
Sentinel, Kynetix’s flagship inventory management and physical delivery platform bridges the gap between the physical economy and the financial markets by creating electronic records of title, ownership and storage of commodities. This unlocks opportunities to streamline financing, collateral, settlement of derivatives contracts, post trade processes etc.
“We saw an opportunity to leverage blockchain’s inherent model to provide an immutable distributed ledger of title-related activities to achieve greater transparency for our markets”.
“Integrating Sentinel with blockchain as a proof of concept for title transfer is a first step but clearly we appreciate that there are still many challenges unique to the physical economy in addition to the technology” said Matt Dolton, co-founder of Kynetix.