Kynetix, a provider of electronic solutions for physical commodities in the financial and banking world, has announced a partnership with Imperial College London – a science-based UK university with a cryptocurrency research center – to develop the commodity-specific blockchain operating model complete with working software.
The partnership began with the creation of a Target Operating Model for a blockchain-centric commodities platform. This has now been implemented within Sentinel, Kynetix’s specialist commodity title and post trade platform. Prior to its own solution, Kynetix designed and built both the LMEsword and ICE Guardian platforms.
The Rising Star of the DeFi Project, GIBXSwap, Passes CertiK Security AuditGo to article >>
Scott Riley, Blockchain Lead for Kynetix, commented: “There is a lot of focus on distributed ledger technology (DLT), particularly in the payments and settlement areas; however, there is still a lot of ambiguity around specific details such as liquidity and interfacing with fiat currency systems. What we see is a unique opportunity to address some inherent challenges in the physical commodities world which are not dependant on legacy securities infrastructure. The two distinct work streams we are addressing with Imperial College are high-payback use cases. These allow our consortium participants to take real advantage of pragmatic DLT based solutions.”
Matt Dolton, Director at Kynetix, added: “Our years of experience in delivering solutions that bring trust and transparency to commodity exchanges and the banking world gives us real insight. It seems to us that the commodities world has an opportunity to jump ahead and embrace the latest technology advances to provide business advantage for the specialist commodities industry. We’re delighted to be working with the thought leaders at Imperial College to create solutions for real world challenges.”
Prof William Knottenbelt, Director of the Imperial College Centre for Cryptocurrency Research and Engineering, noted: “Working on innovative real-world use cases for blockchain technology is a key focus for us. We are delighted to be working closely with Kynetix in this fascinating application space.”