IBM blockchain platform pilots live trades |

IBM blockchain platform pilots live trades

Peter Terlato 19 April 2018 NEWS

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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Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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