A group of European banks have announced that they have completed the very first, live blockchain-based trans-border transactions. The trades in question were made via a jointly developed we.trade blockchain platform.
These real-life trades were executed over the previous five days amongst 10 companies and were facilitated by four leading banks that utilised the blockchain-based platform. HSBC, one of the institutions that are using the platform, has claimed that three of its clients have been able to complete an open account transaction via we.trade, in Europe.
We.trade is build on the IBM Blockchain Platform using its Hyperledger Fabric technology. It was created and developed by Deutsche Bank, HSBC, KBC, Natixis, Nordea, Rabobank, Santander, Societe Generale, and UniCredit, with the purpose of boosting the efficiency of cross-border transactions in the financial sphere.
As reported back in April, we.trade was supposed to start testing the platform in May with an expected commercial implementation due in the summer. Back then, Societe Generale told the press that the reason for the quick development of the platform was due to the fact that it was designed to be used by SME’s trading within Europe.
IBM’s blockchain lead in Europe, Parm Sangha stated:
“As we.trade has moved from pilot applications to conducting live transactions across borders, it has demonstrated the power of blockchain technology in an enterprise setting.”
The platforms Chief Operating Officer has announced that the next step will be to encourage buy-in from other EU banks and clients further afield.