A consortium of Turkish steelmakers and traders, including Bastug Metallurgy, have decided to partner with the artificial intelligence (AI) lab Fetch.ai, in developing a decentralized, block chain-based metal exchange.
A trial transaction of the exchange is scheduled to take place later this month, which will see participation by Bastug Metallurgy and one of its suppliers The exchange, powered by AI, will be officially launched later this year. It promises increased liquidity in the trading of steel, base metals and other commodities. The platform will enable digitized trading of these materials using tokens. Furthermore, the use of smart contracts is expected to automate various exchange processes.
Humayun Sheikh, CEO, Fetch.ai welcomed participation by the consortium. The decentralized exchange will revolutionize the way in which metals and other commodities are traded and funded, he added.
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