Trading financial blockchain platform Batavia, founded by the banking giant UBS in conjunction with IBM, carried out the first real transactions for corporate clients. This is stated in a joint press release of the companies.
The project also includes Bank of Montreal, CaixaBank, Commerzbank and Erste Group.
During the pilot launch, two operations were performed: the sale of cars from Germany to Spain and the sale of textile raw materials from Austria to Spain. In addition, the process established a link between all parties (suppliers, buyers and financial institutions) necessary for conducting transactions.
According to representatives of Batavia, the platform has completed a full sales cycle, automatically creating agreements and closing payments. The whole process was provided with the help of smart contracts, and transactions were recorded in the block.
The members of Batavia have demonstrated how sharing data among permissioned network members can accelerate cross-border trades and bring new transparency to the financial system, both in real-time and at scale.
General manager, IBM Blockchain Services
Batavia, based on the IBM Blockchain, was first introduced by UBS in 2016 at the banking conference Sibos in Geneva.