Arkratos, a Singapore based company is planing to launch a commodity trading blockchain Kratos platform this month.
Kratos will use smart contracts. Each part of the commodity value chain will be able to use these smart contracts, which cannot be manipulated or duplicated. It helps reduce fraud and the amount of time it takes to conclude a transaction.
The company is also launching an initial coin offering (ICO) on June 1, which will run for 30 days. The ICO will issue utility tokens, which can be used for platform services, such as purchasing subscriptions or running a smart contract. The token will not be used for purchasing commodities. Arkratos is now working on a trial transaction. This will involve an entire commodity trade and the full ecosystem, including the producer, broker, underwriter, shipping agent and traders, will be taking part.