'First commercially viable open account trades' made using new platform
New blockchain platform we.trade completes multiple real-time customer transactions across five countries.
Efficiency, cost-effectiveness and improved customer experience are all advantages of the new blockchain-based platform, according to we.trade.
Over the last five days, 10 companies have executed trades via four banks using the technology, which was built on the IBM Blockchain platform.
The platform is designed to offer customers access to a simple user-interface and highlight trading opportunities.
“As we.trade has moved from pilot applications to conducting live transactions across borders, it has demonstrated the power of blockchain technology in an enterprise setting,” said Parm Sangha, CBS Blockchain Leader, IBM.
“To convene a large network of regulated banks and demonstrate how blockchain technology can help them gain efficiencies and provide greater transparency in live transactions, is a disruptive model that has the potential to reshape the future of global trade finance,” she continued.
We.trade, which says it endeavors to simplify trade finance processes for companies, is owned by nine European banks. It claims to have both geographic and client coverage in 11 countries.
One challenge faced by the venture is to ensure that each bank’s internal governance has been met, alongside procedure requirements.
“Last week three of our clients executed transactions using we.trade,” commented Omer Ahsan, head of customer propositions, HSBC.