News Blockchain

Banking Frontiers - - Highlights -

Seven global banks have se­lected IBM to build a new blockchain-based in­ter­na­tional trad­ing sys­tem. Deutsche Bank, HSBC, KBC, Natixis, Rabobank, So­ci­ete Gen­erale and UNICREDIT had in Jan­uary came to­gether to build a ‘Dig­i­tal Trade Chain (DTC)’, a blockchain-based trade fi­nance plat­form. And the banks have se­lected IBM to build DTC fol­low­ing a global com­pet­i­tive bid­ding process. DTC will use the same tech­nol­ogy that un­der­pins dig­i­tal cur­rency bit­coin to con­nect all par­ties in­volved in in­ter­na­tional trade - buy­ers, sell­ers, trans­porters, banks fi­nanc­ing the deals, and so on. The hope is that this leads to more fi­nanc­ing for peo­ple lower down the chain as banks can be con­fi­dent see­ing the end buyer is good for the money. IBM will build the plat­form on its blockchain plat­form of choice, Hyper­Ledger Fab­ric.

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