UPDATE 1-LME says reviewing possible use of blockchain technology

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HONG KONG, June 14 (Reuters) - The London Metal Exchange is reviewing using so-called blockchain technology, its chief executive said on Tuesday.

A blockchain is a huge, decentralized ledger of transactions that can be used to secure and validate any exchange of data, including real assets, such as commodities or currencies

“We’ve had a lot of discussions around distributed ledger technology. For warehouses, for anything where there are actual objects, and structures, and collateral and a central counterparty there’s a natural extension of possibilities for distributed ledger,” chief executive Garry Jones told an industry event in Hong Kong.

“We don’t think the blockchain technology is quick enough it’s not broad enough (yet),” he said.

“We’re working on it ... As soon as we feel there is an application, we’ll announce it. It’s likely to be in the warehouse or collateral space with a central counterparty.” (Reporting by Melanie Burton; Additional reporting by Sharon Shri; Editing by Joseph Radford)