The Seam partners with IBM to launch the first cotton industry blockchain consortium

Announcements | January 16, 2017 By:

The Seam announced that it is collaborating with IBM to create a blockchain consortium for the global cotton industry.

The partners have called on the rest of the cotton industry to sign up as consortium members, placing their order books on the unified exchange. If they do, the industry would be able to use a single, shared blockchain to record, track, and trade all of the world’s cotton markets in real-time, and with instant trade execution.

“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,” said The Seam’s Chairman and CEO Mark Prior.

Blockchain technology encourages broad involvement with the benefits of a network effect, whereby a service becomes more valuable the more participation it has. IBM will play a key role in driving global adoption, with its digital footprint in all cotton producing and consuming regions.

“Blockchain offers enormous potential to drive innovation throughout the cotton industry,” said Arvind Krishna, Senior Vice President, IBM Research. “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.”

The Seam is a commodities trading and agribusiness software provider.