Four big banks joined forces with UBS

UBS is developing Batavia - blockchain based platform for trade financing
05 October 2017   891

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.

Fabio Keller
Project Lead, IBM


South Korea to Invest $1B in Blockchain Startups

Blockchain is a revolutionary technology and an integral component of the Fourth Industrial Revolution, local authorities believe
19 February 2019   103

Until 2022, Seoul authorities are investing 1.2 trillion South Korean won ($ 1.07 billion) in fintech startups working with distributed ledger technology. This is reported by CoinDesk.

Funds will be allocated for the development of new technologies through the Seoul Innovation Growth Fund, created last year by local authorities. The foundation will support startups working on various solutions, including those that are in the early stages.

In the first half of this year, the Fund will allocate 13.25 billion won ($ 11.75 million) and 8.4 billion won ($ 7.45 million) in the second half of 2019. For the Korean authorities, the blockchain is a revolutionary technology and an integral component of the Fourth Industrial Revolution.

The officials also noted that the average investment per start-up at an early stage of development in South Korea is almost seven times lower than, for example, in Silicon Valley.

Last fall, Seoul authorities submitted a five-year development plan for the blockchain industry.