Commerzbank Explores Trade Financing Blockchain
German bank Commerzbank is developing a trade financing system using blockchain.
The bank claims that it is working with the Fraunhofer Institute for Material Flow and Logistics (IMI) to pursue “new processes and provide tbe latest insights into the future of physical supply chains, as well as the future deployment of blockchain based technology in this area.”
Dr. Bernd Laber, the group executive for corporate trade finance and cash management, said the bank is focusing on future supply chains.
“We are working on several projects and in a number of consortiums, also with other international banks, on the digitization of bank products and bank services, and on applications for blockchain technologies,” said Laber. “As a corporate bank, the focus on future supply chains of our customers is of paramount importance and we will develop this in co-operation with Fraunhofer Institute.”
Commerzbank has been a member of the R3 distributed ledger consortium since 2015 and took part in a blockchain trial involving commercial debt.
