Digital Trade Train consortium partner with IBM

Technology Update | 30 June 2017

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The consortium of seven global banks behind the development of the Digital Trade Chain (DTC) have selected IBM to host the blockchain-based trade finance platform.

DTC is a digital trade platform aimed at SMEs and is being developed by Deutsche Bank, HSBC, KBC, Natixis, Rabobank, Societe Generale and Unicredit – it was announced in January 2017.

It is designed to simplify the process of managing, tracking and securing domestic and international trade transactions.

“To make the Digital Trade Chain network a reality and enable it to serve potentially thousands of the consortium’s banking clients, we turned to IBM in enterprise blockchain to help us quickly bring this highly scalable system into production,” said Rudi Peeters, CIO at KBC.

“Their blockchain and banking industry expertise will help us create a new platform for small and medium businesses in Europe that can enable them for faster, easier and cheaper trade transactions.”

IBM has partnered with a variety of banks and business (including Mahindra, Maersk, Natixis and Trafigura, and Mizuho)  over the last year to development blockchain-based trade finance platforms.

The DTC will be available to customers from every bank in the consortium, and is “expected to grow to include additional banks as well as trading partners such as shippers, freight forwarders and credit agencies”.

Marie Wieck, general manager at IBM Blockchain said, “By addressing the SME market, which faces challenges in data sharing and access to capital, the Digital Trade Chain consortium is pioneering a unique blockchain solution with the potential for widespread impact.”

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