A group of European banks announced the successful conduct of a cross-border financial transaction using the we.trade blockchain platform, CoinDesk reports.
The experiment was held for five days with the participation of 10 companies, the operations were processed by four banks using blockchain.
The project involved Deutsche Bank, HSBC, KBC, Natixis, Nordea, Rabobank, Santander, Société Générale and UniCredit. One of the project participants, HSBC Bank, said that three of its clients managed to complete transactions via we.trade within Europe.
In the development of we.trade, which is designed to improve the effectiveness of cross-border financial transactions, the IBM blockchain and the Hyperledger Fabric technology were used.
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.
Blockchain Lead, IBM Europe
Currently, we.trade operates in 11 European countries, but it can expand shortly. So, the operational director of the platform Roberto Mancone has already informed that the next step will be the attraction of additional banks and their clients both in Europe and abroad.