Blockchain in Commodities

Blockchain in commodities refers to a decentralized digital ledger technology that securely records transactions and ownership of physical goods, such as oil, metals, or agricultural products. Each transaction is grouped into blocks and linked in a chain, ensuring transparency and traceability. This technology allows all parties involved—producers, buyers, and regulators—to access real-time data, reducing fraud and errors. By improving efficiency, trust, and supply chain management, blockchain can potentially lower costs and enhance sustainability in the commodities market.