A consortium of Europe`s largest banks have selected IBM to build and host a new trade finance platform using Big Blue`s Hyperledger Fabric.The Di
A consortium of Europe`s largest banks have selected IBM to build and host a new trade finance platform using Big Blue`s Hyperledger Fabric.
The Digital Trade Chain Consortium, consisting of Deutsche Bank, HSBC, KBC, Natixis, Rabobank, Societe Generale and Unicredit, was created earlier this year. It is expected that banks form other countries, as well as trading partners like shippers, freight forwarders and credit agencies will join.
The main aim of the consortium is to increase overall trade transaction transparency, while improving domestic and cross-border trade.
IBM won a contract with the consortium, meaning that the company should create a cloud-based platform. The solution is expected to assist managing, tracking and securing demestic and international trade transaction by connecting all parties both online and via mobile devices, as finextra.com reported at the end of June.
Speaking to the online media, Rudi Peeters, CIO, KBC , said on behalf of the consortium:
“To make the Digital Trade Chain network a reality and enable it to serve potentially thousands of the consortium’s banking clients, we turned to IBM in enterprise blockchain to help us quickly bring this highly scalable system into production.”
“Their blockchain and banking industry expertise will help us create a new platform for small and medium businesses in Europe that can enable them for faster, easier and cheaper trade transactions.”, as he added.
The Digital Trade Chain network will reportedly be built on Hyperledger Fabric v1.0.0 and is expected to enter production by the end of 2017.