Dutch bank Rabobank, international trading firm Concord Resources and warehousing firm PGS are developing a blockchain trading platform for the metal repo financing business, the companies said. The parties signed a letter of intent and have already started developing the system, known as Beyond Commodities. Its goal is to drive efficiencies, traceability and transparency in metals trading – specifically in the repo financing business. The initial scope of Beyond Commodities is to digitally settle a metal repo transaction in which an aluminium position stored at PGS will be sold and re-purchased by Concord to and from Rabobank,
