IBM and seven European banks team for SME trade finance blockchain project
Digital Trade Chain Consortium turns to IBM for blockchain
A group of seven large European banks, Digital Trade Chain Consortium, have turned to IBM to build and host a new trade finance platform, based on IBM Blockchain powered by Hyperledger Fabric.
The solution will run in the IBM Cloud.
“The platform is designed to simplify and facilitate domestic and cross-border trade for SMEs in Europe, while helping to increase overall trade transaction transparency,” IBM says.
The vendor adds it was selected “through a global competitive bidding process”.
Digital Trade Chain Consortium consists of Deutsche Bank, HSBC, KBC, Natixis, Rabobank, Societe Generale and Unicredit.
“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,” states Rudi Peeters, CIO of KBC, on behalf of the consortium.
The solution is expected to go into production by the end of 2017.
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