‘The lunacy of Blockchain’ drove commodities veterans to launch new technology association

A new international non-profit association has launched to improve the trading process for the commodities industry through the adoption and standardization of technology. The Global Commodity Technology Association (GCTA) is now open to participants in the global commodities supply chain involved in ocean-bound agricultural trade. This includes growers, processors, logistics providers, and trading houses, who will form a working group to support the industry’s ongoing efforts to achieve greater efficiency through digitization. Association membership, which will incur a typical fee, will be limited initially to selected entities in order to create a small but functional cross-representation of the industry’s interests. Fees will go towards selecting technology vendors, providing software, and other costs associated with its mission.

WSJ – Farmers Start to Get High on Hemp

After years of falling crop prices, some farmers see a lifeline in hemp.

Thanks to recent changes in federal legislation, hemp, while still minuscule as a share of U.S. agricultural production, may offer growers outsize profits compared with more traditional crops.

With its strong fibers, hemp historically was grown to make industrial rope, fabric and paper—although it was effectively made illegal in 1937 by the Marijuana Tax Act. More recently, it is being used to make building materials and food additives.

Global Commodity Technology Association Formed to Promote Commodity Modernization

Motivated by a desire to evaluate and accelerate digitization opportunities in the global agricultural commodity industry, the Global Commodity Technology Association (GCTA) has launched and named financial services industry veteran David Lehman as its Managing Director. The new international, not-for-profit association’s mission is to support stakeholders along the supply chain who are focused on enhancing the efficiency of their internal trading processes and standardizing post-trade execution.

People Moves: BMLL, DriveWealth, Blockchain, GCTA

BMLL Technologies, a London-based data aggregator and data-engineering firm, has appointed Lee Hodgkinson to its board of directors as chairman and non-executive director. His will look to help grow the company to provide more capital markets participants with data access and advanced analytics capabilities, particularly through the newly launched Derived Data Service. Hodgkinson is currently CEO of OSTC, a global derivatives trading firm and liquidity

CEO DATELINE – New association launches for agricultural commodity tech

A new association has formed to bring the trading of agricultural commodities “into the digital age.”

The Global Commodity Technology Association will “support stakeholders along the supply chain who are focused on enhancing the efficiency of their internal trading processes and standardizing post-trade execution,” according to a statement by the new group. In simple terms, the group is seeking to digitize the processes used in the trade of farm animals and crops.

Global Commodity Tech Association Aims To Reduce Industry Costs, Increase Efficiency

The Global Commodity Technology Association said Tuesday it’s brought on new leadership in support of modernization efforts aimed at enhancing trading processes and standardizing post-trade execution in the physical commodities space.

GCTA has named financial services industry veteran David Lehman as managing director. Lehman previously worked in research and commodity roles at the CME Group Inc CME 0.83%, Chicago Board of Trade and the Commodity Futures Trading Commission.