IBM is working very hard in order to promote the use of blockchain technology. This time, the company announced that is testing a new blockchain technology trade finance platform. According to a press release the platform known as Batavia will involve a consortium of international banks and IBM.
IBM Tests Batavia – The Blockchain Trading Finance Platform
Different banks, including the Bnk of Montreal (BMO), CaizaBank, Commerzbank, Erste Group, IBM and UBs, tested Batavia’s network to trade cars from Germany to Spain and textiles from Austria to Spain.
With Batavia, the closing of trade agreement and the execution of smart payments will be performed through the new platform. The trade agreements and the smart payments will be triggered by specified events in the supply chain and recorded in the blockchain.
Niko Giesbert, divisional board at Commerzbank, says:
“Our joint successful live transaction demonstrates the potential of such a platform. Trade data and smart payment, which is automatically triggered by the transport data, form an important basis for risk management and financing instruments and add value to every supply chain.”
At the same time, he explained that Batavia is looking to enter a new phase focused on the building out of a production-ready solution. In the future, that could allow IBM to work with other fintech enterprises, financial institutions, or other innovation leaders in the market.
IBM Works with Blockchain Technology
IBM, is working with different enterprises from different countries in order to potentiate blockchain technology. It has partnered with JM Baxi, an important Indian conglomerate that owns an important part of the logistics market.
Both companies have signed a memorandum of understanding that will allow them to research different blockchain solutions to the current problems of the shipping industry.
“The memorandum of understanding envisages a joint go-to-market on feasible technology solutions,” commented a spokesperson from JM Baxi.
Image Provided by Pixabay
