IBM blockchain platform: We.trade, a European blockchain trading platform, has just announced that it has completed its first live operations.
The platform was established by the major European banks Deutsche Bank, HSBC, KBC, Natixis, Nordea, Rabobank, Santander, Societe Gererale, and UniCredit. This consortium was put together to address the current issues many banks face with cross-border transactions.
Blockchain to the Rescue
We.trade is built on the IBM blockchain platform and is powered by Hyperledger Fabric. We.trade solution offers its customers a simple user-interface, new potential trading opportunities, and innovative smart contracts.
CEO of We.trade, Roberto Mancone, said:
“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.”
Currently, we.trade operates in 11 European countries and is growing. The live transactions made within the past five days were between 20 different companies. Five of its partnered banks facilitated the trades, which signify the first commercially viable open account that uses blockchain technology.
“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,” said CTO of Rabobank, Bart Leurs.
Currently, we.trade is available in the following counties:
- the Netherlands
- the United Kingdom
The we.trade team plans on expanding to all countries within Europe and then will seek global banking partners from there.
Featured Image: Depositphotos/© alexeynovikov