‘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.