The Seam, a commodities trading and agribusiness software provider, has announced that it is forming a blockchain consortium for the global cotton industry. Working with IBM, the company intends to lead an industry-wide collaboration initiative to create a supply chain and trading ecosystem built on IBM blockchain technology, specifically using the Hyperledger Fabric.
Mark Pryor, Chairman and CEO of The Seam, said: “This new technology will be transformational for the cotton industry. There are numerous organizations, processes, systems and transactions involved from field to fabric. Situated at the intersection of agriculture, finance and technology, The Seam, with the help of IBM, is uniquely positioned to introduce blockchain technology to cotton-affiliated businesses worldwide.”
In 2000, the company began operating the world’s first online, neutral trading exchange for cotton, on which tens of millions of bales have been traded and cleared on its platforms. In September 2016, The Seam launched a cloud-based commodity management system for the peanut industry, the first of its kind. IBM will play a key role for the company in driving global adoption, with its digital footprint in all cotton producing and consuming regions.
Arvind Krishna, Senior Vice President of IBM Research, commented: “Blockchain offers enormous potential to drive innovation throughout the cotton industry,” “A consortium approach using IBM Blockchain and the Hyperledger Fabric can help create greater efficiency and serve as the foundation of a robust system for massive collaboration.”