we.trade blockchain platform completes multiple real-time customer transactions
we.trade today confirmed that the first live trades have taken place on the platform. Over the last week several companies have executed trades, via 5 banks. These trades signify the first commercially viable open account trades harnessing blockchain technology.
Many banks and companies are looking for a more efficient and cost-effective way to trade internationally. The we.trade solution, built on the IBM Blockchain Platform, powered by Hyperledger Fabric, offers customers access to a simple user-interface, leveraging innovative Smart Contracts and opens up potential new trading opportunities.
“The we.trade platform is a live blockchain based trade platform. These transactions prove that we.trade is a robust and commercially viable proposition. We are delighted to have launched for the first time in the world, a blockchain based platform that enhances the overall customer experience when trading internationally. The next step will be getting buy-in from additional banks and their customers in Europe and further afield, said Roberto Mancone, Chief Operations Officer, we.trade.
Roberto continued, “This live trade is a massive achievement for all involved. Not only has we.trade built a technical solution, it has also managed to create real collaboration across multiple banks and increased the connectivity of the trade ecosystem. This really is collaboration at its finest.”
we.trade was established by Deutsche Bank, HSBC, KBC, Natixis, Nordea, Rabobank, Santander, Societe Generale and UniCredit to address the expectations of their customers to make cross-border trade more straightforward. The consortium has succeeded in meeting each banks internal governance and procedures requirements to make this innovation a reality.
Bart Leurs, Chief Digital Transformation Officer of Rabobank, echoed the sentiment, saying, “These trade(s) represents a great example of traditional banks innovating to meet their clients’ needs by working with we.trade. Our bank wants to make cutting edge technology available to our customers when it comes to trading globally. We.trade is a trading solution that our customers need.”
"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," said Parm Sangha, GBS Blockchain Leader, IBM. "To convene a large network of regulated banks and demonstrate how blockchain technology can help them gain efficiencies and provide greater transparency in live transactions is a disruptive model that has the potential to reshape the future of global trade finance."
At present we.trade is available across eleven European countries: Belgium, Denmark, Finland, France, Germany, Italy, the Netherlands, Norway, Spain, Sweden and the UK. Participating banks: Deutsche Bank, HSBC, KBC, Natixis, Nordea, Rabobank, Santander, Societé Generale and UniCredit. we.trade expects to expand into additional markets in Europe and globally as further banking partners come on board.
More about we.trade: www.we-trade.com