Blockchain to revolutionise mining
The virtual ledger technology is a perfect tool for commodity markets
The blockchain is coming to commodity markets, Blythe Masters told guests at the London Metal Exchange annual dinner during LME Week. The virtual ledger technology underlying cryptocurrencies such as bitcoin promises greater confidentiality, fewer paper exchanges, better provenance and a boost in productivity, the former JPMorgan Chase executive said in a speech at the gathering on Tuesday night. Masters, the wunderkind who was made MD at JPMorgan at the age of 28, went on to become head of global commodities and helped develop the credit-default swap. Now as the CEO of New York tech start-up Digital Asset Holdings, she is pitching blockchain as a way to revolutionise supply chains. “Supply chains are notoriously complex and inefficient,” Masters said. “This is especially true in the metals and mining industry where many operational and commercial practices remain inefficient and antiquated, leading to critical data omissions, security vulnerabilities, expenses, corruption and uneth...