Major European Banks select IBM to bring Blockchain-Based trade finance to Enterprises

IBM has been selected by a consortium of seven of Europe’s largest banks to build and host a new trade finance platform based on IBM Blockchain powered by Hyperledger Fabric. The platform is designed to simplify and facilitate domestic and cross-border trade for small and medium enterprises in Europe, while helping to increase overall trade transaction transparency.

The Digital Trade Chain Consortium is builded by Deutsche Bank, HSBC, KBC, Natixis, Rabobank, Societe Generale and Unicredit.

A Blockchain is a database whose integrity is saved by storing the hash value of the preceding data record in each subsequent one. This cryptographic concatenation is the technical basis for crypto-currencies, and is also used in distributed systems to improve transaction security compared to centralized systems.

The Digital Trade Chain solution will run in the IBM Cloud and is designed to connect the parties involved in a trade transaction, both online and via mobile devices and is expected to go into production by end of 2017.

Source: IBM