we.trade confirmed that the first live trades have taken place on the platform. Over the last 5 days, 10 companies have executed trades, via 4 banks. These trades signify the first commercially viable open account trades, harnessing blockchain technology.
Many banks and companies are looking for a more efficient and cost-effective way to trade internationally. The we.trade solution, built on the IBM Blockchain Platform, powered by Hyperledger Fabric, offers customers access to a simple user-interface, leveraging innovative Smart Contracts and opens up potential new trading opportunities.
Hubert Benoot, Head of Trade at KBC and Chairman of the we.trade Board of Directors, explained: “This live trade is a massive achievement for all involved. Not only has we.trade built a technical solution, it has also managed to create real collaboration across multiple banks and increased the connectivity of the trade ecosystem. This really is collaboration at its finest.”
we.trade was established by Deutsche Bank, HSBC, KBC, Natixis, Nordea, Rabobank, Santander, Societe Generale and UniCredit to address the expectations of their customers to make cross-border trade more straightforward. The consortium has succeeded in meeting each banks internal governance and procedures requirements to make this innovation a reality.
“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,” said Parm Sangha, GBS Blockchain Leader, IBM. “To convene a large network of regulated banks and demonstrate how blockchain technology can help them gain efficiencies and provide greater transparency in live transactions is a disruptive model that has the potential to reshape the future of global trade finance.”
At present we.trade is available across eleven European countries: Belgium, Denmark, Finland, France, Germany, Italy, the Netherlands, Norway, Spain, Sweden and the UK. we.trade expects to expand into additional markets in Europe and globally as further banking partners come on board.