Banking Giant UBS Goes Live on We.Trade Blockchain for Trade Finance

Trade, a blockchain-based trade finance platform that's nearing wide adoption by its member banks.

Blockchains offer a shared digital record to the previously paper-based world of global trade, and help reinforce trust between companies executing trade agreements.

Is ahead of rivals like Marco Polo, a trade finance blockchain backed by TradeIX and R3 that's still in the pilot stage.

Trade platform is now all about commercial adoption and it's taking a two-pronged approach: attract more banks and onboard more SMEs.

The three Czech banks account for 80 percent of domestic trade in that country.

"We.trade needs more SMEs using the platform," said Marie-Laure Gastellu, deputy head of trade finance at Société Générale.

"We can increase the network by creating a mechanism that will allow customers who have signed on and are looking for a counter-party to have a very easy way of saying 'I want to trade on we.trade with you,'" Sointu says.

Trade as another product in the bank's portfolio, Sointu explained.

Prices to trade on the platform range from $2,000 a month to full annual membership license at $175,000.

Trade platform is built by IBM on the open-source Hyperledger Fabric blockchain system, but McGowan plans to bring the tech work in-house soon.