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Blockchain Hyperledger for soft commodities
Energy and commodity trading companies execute thousands of transactions per day to extract significant trading profits. Companies have invested millions to build out multiple systems and a complex array of automated and manual processes to manage key risks. As a result, these companies incur significant costs to maintain the infrastructure and manage the underlying risks, while still being exposed to key risks due to the constructs of the markets they operate within. Energy and commodity trading blockchain technology has the ability to transform the energy and commodity trading market space resulting in market efficiencies and significant cost savings for traders. While blockchain technology is still in the relatively early stages of development, the potential uses are broad and promising.
We at appilux have developed a blockchain solution for one of our partner companies in Europe to be able to track soft commodities from the source to destination seamlessly and without any flaw. This is used by all players in the value chain and ensures a clear an immutable source for checking genuine products. We have used Hyperledger for this purpose as the best choice for enterprise blockchain solutions. We have hosted the whole network on amazon AWS .
We have used Hyperledger Composer to model the participants, assets, transactions, and events in a particular business network. We then used that model to generate both blockchain—smart contracts and ledgers that implement these elements that are deployed to the blockchain network created using Hyperledger Fabric. We also used the Hyperledger Composer model to generate a set of domain-specific APIs to access the transactions that manipulate them in the Hyperledger Fabric blockchain.