How Blockchain is Disrupting Global Supply Chains ft. Abhishek Singh from Comdex
Second episode in our series about Cryptocurrencies and Blockchain - I highly recommend that you listen to the previous episode first to get the understandings of the basics of cryptocurrencies and blockchain.
We have Abhishek Singh with us in this episode - Abhishek is the CTO of Comdex - a trade financing and trade settlement platform that's based on the blockchain technology. They've used blockchain to finance millions of dollars of commodity trading the South East Asian market over the past few years.
My biggest takeaway from this episode is that blockchain can disrupt any industry where a middle man is used to build trust. Blockchain takes out the trust equation by using Smart Contracts which automatically execute when certain conditions are met. You can read our newsletter about Blockchain to learn more about Smart Contracts and how they can be used - the link will be in the show notes.
The first 10-15 minutes of the conversation are an introduction on some basics of blockchain including the difference between private and public networks, the difference between proof of work and proof of stake and other blockchain basics.
After these first 15 minutes, we get into how the current supply chain for global commodity trading works and how Comdex is reimagining this global system using blockchain. Around the 30 minute mark, we discuss the gaps in the industry and how a new entrepreneur can enter the blockchain industry.