GSCS reported some major key highlights on features that blockchain brings through smart contracts.
- How Smart Contracts can find their way to even non-technical industries?
- More than 7,000 projects are using smart contracts on different blockchain
- Smart Contract is a set of certain rules and regulations, written in codes
By far Blockchain Technology is said to be a revolutionary technology. This is clearly visible that the changes new projects bring in are leveraging the blockchain technology. Eventually the concept of smart contracts brought some drastic changes in the global technological market. And the same perception is portrayed in the GSCG report.
GSCG Report on Smart Contracts in Commodity Trading
The report from GSCG, titled ‘Commodity Wisdom: How Smart Contracts Are Changing Supply Chain Management’ explained a variety of subjects. The report describes how blockchain can be used for commodity trading. Leveraging the newly developed tech, the trading space could bring transparency and improve financial transactions.
The Global Smart Commodity Group (GSCG) report also talked about some major issues with commodity trading. It noted that the industry is heavily shattered while seeking a pressure to modernize itself soon enough. The GSCG report also made five predictions on the future of smart contracts on commodities trading.
Predictions About Smart Contracts on Commodity Market
The report started with making an assumption that use of smart contracts will bring better transparency into the system. Further, it also suggested that the commodity market will become more flexible for producers to sell. Keeping a track of origin of shipped commodities will be easier and helpful in gaining momentum.
Smart contracts are immutable and blockchain technology itself is testimony for authenticity. This will change the ‘verify then trust’ mentality in commodity trading. Lastly, GSCG predicted blockchain tech becoming a benchmark for commodities platforms.
Given the facts, Chairman – GSCG, Jack Bouroudjian that markets are dynamic. He added that people can choose products in a more effective and accurate manner. This could be achieved after getting information about budding commodities. It also includes their origin and the whole journey they have covered throughout the deal.
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