IBM blockchain platform pilots live trades
The transactions included the trading of cars and textile raw materials between European countries.
A global blockchain trade finance platform, supported by tech giant IBM, banking firm UBS, Canada’s Bank of Montreal (BMO) and others, has successfully completed its first live corporate client transactions.
The open-source ecosystem, Batavia, was able to finalize international trade transactions including the trading of cars from Germany to Spain and textile raw materials for furniture production from Austria to Spain.
Batavia was constructed on the IBM blockchain platform and developed by a consortium of global partners including UBS, BMO, CaixaBank, Commerzbank and Erste Group.
The pilot transactions were conducted with a variety of transportation modes, geographies and trading parties of various sizes, highlighting Batavia’s ability to scale and manage diverse transaction types.
BMO Financial Group said in a recent statement
The first-ever live transactions were an end-to-end trade process. Smart contracts and payments were automatically triggered by specific events in the supply chain and permanently recorded on the blockchain.
The platform was able to track and trace each step using risk management tools. These tools are tied to certain events that occur on the blockchain, as well as signals from IoT devices, agreed upon between buyer and seller.
Following these successful live transactions, Batavia is aiming to build out a production-ready solution.
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