IBM Blockchain announced new partnership details with we.trade, the international blockchain-based trading platform. IBM will help we.trade at global commercialization and network enhancements. The tech giant also joins the other 12 shareholders of we.trade platform. All other shareholders are banks.
We.trade is one of the largest blockchain-based trading networks in development. The development team tries to provide services to companies that help them grow business and enter new markets.
The trade finance lending process is one of the most important focus areas for we.trade. As more companies are replacing their paper-based finance processes to digital solutions, we.trade can access more enterprise customers.
IBM says that we.trade will first expand services to more companies across Europe, and then gradually look for the global market, starting in Asia. The platform also will collaborate with similar global services like Hong Kong-based eTradeConnect, a blockchain-based trade finance platform formed by 12 Asian banks.
“No other distributed-ledger based platform for trade has moved so rapidly to deliver value for member organizations and their customers,” said Ciaran McGowan, CEO of we.trade. “The enthusiasm for this platform underscores the need to continue to invest and expand access to a growing number of organizations.”
The we.trade platform is built on the latest version of the IBM Blockchain Platform. Some of the leading global banks including CaixaBank, Deutsche Bank, Erste Group, HSBC, KBC, Nordea, Rabobank, Santander, Société Générale, UBS, and UniCredit support this project. The final platform will connect buyers, sellers, banks, insurers, and logistics firms in a simplified network for better cross-border trading.
“The strategic direction for we.trade and IBM is focused on driving growth and transparency across the entire trade ecosystem, collaborating to enhance the network effect of blockchain, and expanding access to trade finance and other services to the market place,” said Jason Kelley, General Manager of Blockchain Services, IBM. “Innovative technology and new pricing structures will help more banks align with internal production controls using their choice of cloud services. Meanwhile we.trade aims to help banks create new trusted trade corridors and expand markets by interconnecting with other regional trade services platforms.”
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