A group comprised of nine European banks has announced that they have successfully accomplished numerous real-time commercial trades with the use of Blockchain technology.
As per We.Trade, 10 companies coming from five different countries have completed seven trade transactions. These transactions have been accomplished on the We.Trade Blockchain platform by way of four banks.
The We.Trade solution, which had been created on the IBM Blockchain Platform, as well as powered by the Hyperledger Fabric, aims to give consumers access to a simple user-interface that employs the use of innovative smart contracts. Through this, the solution hopes to introduce other possible trading opportunities.
We.Trade has been created to simplify cross-border transactions. The nine banks behind its creation are Deutsche Bank, HSBC, KBC, Natixis, Nordea, Rabobank, Santander, Societe Generale, and UniCredit,
Of the announcement, IBM’s GBS European Blockchain Leader Parm Sangha, remarks:
“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.”
Furthermore, the innovation is a “disruptive model that has the potential to reshape the future of global trade finance,” Sangha states.
According to Orvium co-founder Roberto Rabasco, who also happens to be an application and cloud technology expert, We.Trade’s move merely demonstrates the potential of the technology. Open-source, decentralized framework Orvium manages scholarly publications. Rabasco further states:
“Recently, we’ve seen other key players in the financial sector, including JPMorgan, preparing blockchain-oriented strategies and products which major banks could use to meet anticipated demand from clients.”
The We.Trade announcement coincides with reports that Switzerland is on the brink of providing conventional banking services to cryptocurrency companies that have instated operations there. Other jurisdictions that provide enticing environments for the cryptocurrency industry are Malta and Singapore.
According to UX co-founder and head Gianluca Giancola, We.Trade’s initiative “demonstrates not only the commercial potential of blockchain technology in a corporate setting,” but also illustrates how “financial institutions [can] run more efficiently and with greater transparency.”
He continues by saying:
“The venture through the We.Trade platform gives more credibility to the technology and provides evidence for a concrete, resilient, and commercially viable use case.”
Giancola, who is also a co-founder and CDO of blockchain-powered loyalty ecosystem qiibee, further states:
“Many more banks are expected to join the platform on a license basis, which will further drive the adoption and development of the technology across institutions.”