Seven European banks sign up to IBM led blockchain platform
(28 June 2017 – Europe) A consortium of seven European banks consisting of Deutsche Bank, HSBC, Societe Generale, Unicredit, Natixis, KBC, and Rabobank will build a blockchain-powered trade finance platform, built by IBM using Hyperledger Fabric.
“This is not a proof-of-concept or a pilot—we are building out a full production system,” said James Wallis, vice president for blockchain markets and engagements for IBM
“It’s the first production network with this many members.”
According to the partners, the platform, which was unveiled at the Money2020 Europe conference, will help open financial doors for European small and medium enterprises (SMEs).
Wallis said the aim should not be to re-invent a traditional process, but make it more efficient and add trust.
“With traditional trade finance, I have to be able to relay on the fact that you will pay when you receive [notice to pay],” said Wallis — which is where blockchain and technologies such as smart contracts will come in. “This platform has been designed from the ground up for enterprises,” said Wallis.
The Hyperledger platform will allow for faster, more transparent, and more secure trade between the participating banks, and thus for their smaller enterprise clients.
Wallis said he expects the platform to launch by the end of the year.
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