First Live Blockchain Commercial Trades Completed By European Banks

Announcements, Blockchain, News | July 3, 2018 By:

A group of European banks have successfully completed the first live trade transactions on the blockchain-based we.trade platform.

The we.trade platform was developed by nine banks, including Deutsche Bank, HSBC, KBC, Natixis, Rabobank, Societe Generale and UniCredit, Banco Santander and Nordea. Built on the IBM Blockchain Platform using Hyperledger Fabric, the platform aims to address the expectations of customers to make cross-border trade more straightforward. The platform facilitates secure international trade between SMEs, seamlessly connecting different parties involved in a trade transaction – buyer, buyer’s bank, seller, seller’s bank, and transporter.

According to the official release, the first live trades were executed over the past five days among 10 companies and were facilitated by four banks. Roberto Mancone, Chief Operating Officer of we.trade, said these transactions prove that the we.trade platform 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,” said Mancone. “The next step will be getting buy-in from additional banks and their customers in Europe and further afield,”

The we.trade platform is currently available across 11 countries in Europe, including Belgium, Denmark, Finland, France, Germany, Italy, the Netherlands, Norway, Spain, Sweden and the UK. The banks plan to expand the platform into additional markets in Europe and globally as further banking partners come on board.

“We are currently talking to several banks and offer them to join as member banks,” Anne-Claire Gorge, global head of product management, Trade Services, at Société Générale. “They will have their own node on the blockchain and will be able to give their clients access to we.trade. We’ll create a user group to enable them to contribute to the solution’s roadmap.”