Cross-Border Commercial Trades Successfully Completed on European Banks’ Platform

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Cross-Border Commercial Trades Successfully Completed on European Banks' Platform

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A blockchain-based platform managed by several European banks, We.trade, went live on 3 July 2018 and has successfully completed seven commercial trades between ten companies in the past five days using four different banks. We.trade is built on the IBM blockchain platform, and claims that these are the first commercially-viable trades that harness blockchain technology.

Chief operating officer Roberto Mancone said, “The We.trade platform is a live, blockchain-based trade platform. These transactions prove that we.trade is a robust and commercially viable proposition… The next step will be getting buy-in from additional banks and their customers in Europe and further afield”.

Parm Sangha from IBM, which developed the technology, believes the platform demonstrated blockchain application in an enterprise setting, converging a large network of banks to give them efficiency and greater transparency in live transactions.

We.trade was established by HSBC, Deutsche Bank, KBC, Natixis, Nordea, Rabobank, Santander, Societe Generale, and UniCredit. Currently, it is available in 11 European countries: Belgium, Denmark, Finland, France, Germany, Italy, the Netherlands, Norway, Spain, Sweden, and the United Kingdom.

 

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