Development and Commercialisation of an AI, ML and Data-Enabled CTF Platform
The Need to Improve Legal Practices
Small and medium sized commodity traders (SMCTs) have a restricted access to the global commodity trade finance (CTF) market because of the high legal-costs for the two mandatory associated steps; framework generation and the creation of a contract between all stakeholders, i.e. borrower, lender, insurer, broker. Irrespective of the transaction value, currently both steps are done manually taking ~7days of an experienced law firm, which means law firms prioritise high value loans transaction (\>$1 million). There is a need to improve the existing time consuming and expensive manual legal practices to allow more SMCTs to compete on CTF market.
Transforming Accountancy, Insurance and Legal Services with AI and Data
Phlo Systems is collaborating with Sullivan & Worcester UK LLP in developing a commodity trading platform that provides the complete legal solution for processing transactions by implementing Artificial Intelligence (AI) and Machine Learning (ML).
With core innovation in AI and ML technologies, the platform will be designed in consideration of the end-user experience to automate the best-suited legal-framework generation for a commodity financing transaction, followed by producing a blockchain-enabled smart contract between all stakeholders, which is self-executing to the coded terms and conditions and anonymises their details to ensure their financial security and privacy. This means law firms will only need to check the outputs requiring a few hours, rather than creating them for days, hence minimising legal costs.
Through this 18-month industrial research project, we will develop a proof-of-concept platform based upon blockchain technology and AI/ML, producing the legal framework for commodity trading transactions and forming smart contracts.
We are seeking individuals passionate about AI in the trade finance industry to take on a leadership role in this project and drive it forward! If this is of interest to you, please contact us at firstname.lastname@example.org for further details.