We.trade, IBM’s hyperledger based platform for trade finance has conducted a series of cross-border trade on its platform. The platform enabled 7 trade transactions which were completed by 10 companies across 5 platforms. Blockchain’s shared ledger property has always been considered disruptive for the existing trade finance system and we.trade success has proved it’s future potential in the trade finance segment.
According to Robert Mancone, Chief Operating Officer, we.trade:
“The we.trade platform is a live, blockchain based trade platform. These transactions prove that we.trade is a robust and commercially viable proposition. We are delighted to have launched for the first time in the world, a blockchain based platform that enhances the overall customer experience, when trading internationally. The next step will be getting buy-in from additional banks and their customers in Europe and further afield”
We.trade was established by Deutsche Bank, HSBC, KBC, Natixis, Nordea, Rabobank, Santander, Societe Generale and UniCredit to streamline the cross-border trade. It is presently available across eleven European countries with further expansion planned in Europe as well as globally.
According to an article by finextra, Fluid Pumps used the platform to complete an open account transaction with a customer in Finland, GPS Food Group completed an intercompany transaction that included the use of a Bank Payment Undertaking and also executed two open account transactions with Paragon Quality Foods.