European Banks Utilize IBM Blockchain Technology to Perform International Trades
A number of European based financial entities released a statement Tuesday confirming several successful international transactions via a blockchain platform they collaboratively developed.
Throughout the past week, transactions were carried out using We.Trade between ten businesses in association with four partnered banks. Among the ten companies involved in the blockchain platform trial, it was confirmed that three clients from HSBC had participated.
In hopes of boosting international asset transfer efficiency, European banks gathered in partnership to put IBM’s blockchain network up to the challenge. As a result, they established the innovative digital platform, We.Trade. Banks involved in the project included industry giants such as Santander, Deutsche Bank, UniCredit, and Société Générale.
According to CoinDesk reports in April, plans to start testing the We.Trade platform had been scheduled to begin this May aiming to open it up for commercial use by the summer of 2018.
In addition, CoinDesk reported that Société Générale noted the success of the platform’s scalability was due to a focus on SMEs participating in trades across European nations.
IBM’s European blockchain technology lead, Parm Sangha, announced that We.Trade’s transition from trial applications to international transactions has truly demonstrated the value of blockchain within enterprise level environments.
As it stands, the platform is actively operating in eleven countries across Europe. We.Trade’s COO, Roberto Mancone, confirmed that in the near future participants are expected to obtain buy-ins from other banks in addition to their European customers and beyond.