A consortium of seven of the largest banks in Europe has chosen IBM to build a blockchain-based trade finance platform to boost domestic and cross-border trade for small and medium enterprises.
The Digital Trade Chain solution, chosen by Deutsche Bank, HSBC, KBC, Natixis, Rabobank, Societe Generale and Unicredit, will be built on Hyperledger Fabric and hosted on the IBM Cloud.
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The vendor said that the platform will connect the parties involved in a trade transaction through online and mobile devices.
The platform will also offer SMEs a consolidated view of trade transactions that will increase accountability in transactions and mitigate risk, digitise the supply chain process from order to settlement, and help trading partners to track transactions as they are processed, IBM said.
KBC CIO Rudi Peeters said: “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.”
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