Comdex Accomplishes Over $10M Trades via Commit Blockchain

By Brian Njuguna   Nov 12, 2019 1 Min Read

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Comdex, a commodity trading platform that is powered by the Commit blockchain, has facilitated trades valued at more than $10M. Expressly, one of Comdex’s objectives entails revolutionizing the commodity trade market that is deemed laggard and archaic. It has accomplished this through the Commit blockchain based on the trade volumes witnessed.

So what is the Commit Blockchain?

It is a multi-faceted and enterprise-based blockchain network that handles corporate and financial data on a highly interoperable and scalable Tendermint blockchain.

Comdex’s Blockchain solutions

By using the Commit blockchain, Comdex has transformed the way commodity traders conduct their business as cross-border settlements, as well as pre-trade and post-trade workflows have been incorporated. 

Realistically, many SMEs (Small Medium Enterprises) and MEs ( Medium Enterprises) usually rely on old methods of data exchange and communication in commodity trading. 

By leveraging blockchain elements, such as immutability, consensus, and provenance, Comdex seeks to eliminate this challenge because some of the benefits rendered include reduced settlement time. Additionally, blockchain boosts trust between trading parties. 

Notably, Comdex does not operate the blockchain using a centralized hosting infrastructure as it depends on a system of validators, such as Stakewithus, Figment Networks, CertusOne, and B-Harvest. This approach ensures that no entity, including Comdex, can manipulate transactions happening on the platform. 

 

Image via Shutterstock

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