The blockchain finance trading platform, Batavia is seeking to attract more industry involvement. They are eyeing financial institutions and fintech startups to collaborate with them in this project.
In 2016, International Business Machines Corporation (IBM), a multinational technology company has paved its way into the blockchain industry. Recently IBM partnered with UBS, creating a blockchain based finance trading platform named, Batavia.
This platform was announced on Thursday 19th April, offering better trading deals between supplier and buyers. With the use of smart contracts within the blockchain, all transactions between the retailer and the buyer are recorded and processed, providing easier transactions, better trade agreements and closing payments as needed.
Batavia has attracted two retails transporting goods from two respective European countries. In a statement Jason Kelley, IBM Blockchain Services general manager confirmed that:
“The members of Batavia have demonstrated how sharing data among permissioned network members can accelerate cross-border trades and bring new transparency to the financial system, both in real-time and at scale.”
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