Four large banks joined the project to develop a blockchain based platform for trade finance, which was presented last year by Swiss financial company UBS and technology corporation IBM. This is reported by ZDnet.
The new participants of the project are Bank of Montreal (BMO), CaixaBank, Commerzbank and Erste Group. The idea of the project is to create a system for conducting international trade transactions, where paper letters of credit are replaced by smart contracts.
The platform is called Batavia. It was firstly presented at a banking conference in Geneva in October 2016. It is based on the Hyperledger Fabric technology. The pilot testing of the new platform is scheduled for early next year.
In working with hundreds of clients to implement blockchain solutions, financing global trade has emerged as one of the use cases most in need of innovating. Targeting the creation of large, global, multi-modal networks that bring transparency and trust to each step of the trade process is what makes Batavia a platform with so much potential to transform the way companies around the world do business with one another.
Project Lead, IBM