IBM's partnership with international banks to develop a Blockchain trade finance platform called Batavia has resulted in the platform's first live pilot transactions, according to a press release published today, April 19.
IBM, the Bank of Montreal, CaixaBank, Commerzbank, Erste Group, and the United Bank of Switzerland began work on the initiative last fall.
Batavia works by tracking events in a product's supply chain, while key events can prompt the execution of smart contracts that close trade agreements.
According to the announcement, the initial transactions involved sending cars from Germany to Spain and furniture production textiles from Austria to Spain.
"Trade data and smart payment, which is automatically triggered by the transport data, form an important basis for risk management and financing instruments and add value to every supply chain."
Giesber adds that Batavia may look to partner with other fintech and financial institutions as they move forward with "Building out of a product-ready solution."
Earlier this week, India's ICICI Bank put more than 250 corporate customers on its Blockchain platform, designed for domestic and international trade finance transactions.
IBM And Major Banks Blockchain Partnership Reports First Live Pilot Transactions
Published on Apr 19, 2018
by Cointele | Published on Coinage
Coinage
Recent News
View All
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.