IBM and eight banks unleash we.trade platform for blockchain-powered commerce
IBM and eight banks have unveiled we.trade – the new name for their Digital Trade Chain shared platform using distributed ledger technology (DLT) for domestic and cross-border commerce.
Since January 2017, a group of seven banks (Deutsche Bank, HSBC, KBC, Natixis, Rabobank, Societe Generale and UniCredit), together with IBM, have been developing the Digital Trade Chain platform.
Now with the recent addition of Banco Santander as a founding partner, the group have decided to rebrand the Digital Trade Chain platform to we.trade.
The enlarged consortium will continue to develop the platform that can connect the parties involved in a trade transaction i.e. the buyer, buyer’s bank, seller, seller’s bank and transporter.
According to the group, the platform will be accessible from any connected device and can be used for managing, tracking and securing domestic and international trade transactions.
The commercialisation of the platform is expected in Q2 2018. From February 2018 test clients of the founding banks will be able to use the platform.
Along with this expansion, the eight founding banks intend to establish a joint venture company (JV) before the end of this year, that will own, manage and distribute the platform. The intention is to incorporate the new legal entity in the Republic of Ireland.
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