Banks’ Blockchain Consortium Picks IBM for Trade Finance Platform

  • PARIS — Tech giant IBM is building a blockchain-based platform for seven big European banks, including HSBC and Deutsche Bank, that is aimed at simplifying trade finance transactions for small- and medium-sized companies.
  • Trade finance was identified by a survey of banks carried out by IBM and the Economist Intelligence Unit last year as one of the top areas where blockchain – the underlying technology behind bitcoin – could have an impact.
  • This contrasts with the present process – trade finance transactions typically involve a complicated paper trail that requires international courier services, is vulnerable to document fraud, and can take as long as a month to be completed.
  • “What we will have is a platform to bring buyers and sellers together and to make trade transactions very transparent from… the moment that a purchase order is issued up until payment,” said Hubert Bdenoot, general manager for trade finance at KBC, one of the banks in the consortium.
  • The “Digital Trade Chain Consortium”, which also includes Societe Generale, Natixis, Rabobank and Unicredit, is aiming for the platform to be up-and-running and available for SMEs to use by the end of the year.

PARIS — Tech giant IBM is building a blockchain-based platform for seven big European banks, including HSBC and Deutsche Bank, that is aimed at simplifying trade finance transactions for small- and medium-sized companies.
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Banks’ blockchain consortium picks IBM for trade finance platform

Banks' blockchain consortium picks IBM for trade finance platform

  • REUTERS/Alessandro Garofalo

    PARIS (Reuters) – Tech giant IBM is building a blockchain-based platform for seven big European banks, including HSBC and Deutsche Bank, that is aimed at simplifying trade finance transactions for small- and medium-sized companies.

  • Trade finance was identified by a survey of banks carried out by IBM and the Economist Intelligence Unit last year as one of the top areas where blockchain – the underlying technology behind bitcoin – could have an impact.
  • This contrasts with the present process – trade finance transactions typically involve a complicated paper trail that requires international courier services, is vulnerable to document fraud, and can take as long as a month to be completed.
  • “What we will have is a platform to bring buyers and sellers together and to make trade transactions very transparent from… the moment that a purchase order is issued up until payment,” said Hubert Bdenoot, general manager for trade finance at KBC, one of the banks in the consortium.
  • The “Digital Trade Chain Consortium”, which also includes Societe Generale, Natixis, Rabobank and Unicredit, is aiming for the platform to be up-and-running and available for SMEs to use by the end of the year.

Tech giant IBM is building a blockchain-based platform for seven big European banks, including HSBC and Deutsche Bank, that is aimed at simplifying trade finance transactions for small- and medium-sized companies. Trade finance was identified by a survey of banks carried out by IBM and the Economist
Continue reading “Banks’ blockchain consortium picks IBM for trade finance platform”

Banks’ Blockchain Consortium Picks IBM for Trade Finance Platform

Banks #blockchain Consortium Picks IBM for Trade Finance Platform #Europe $IBM

  • “What we will have is a platform to bring buyers and sellers together and to make trade transactions very transparent from… the moment that a purchase order is issued up until payment,” said Hubert Bdenoot, general manager for trade finance at KBC, one of the banks in the consortium.
  • The “Digital Trade Chain Consortium”, which also includes Societe Generale, Natixis, Rabobank and Unicredit, is aiming for the platform to be up-and-running and available for SMEs to use by the end of the year.
  • “There are over 20 million SMEs in Europe, and they provide around 85 percent of the jobs as well, so it’s a critical part of the economy and so anything that can facilitate growth in the SME community is going to help a lot,” said Keith Bear, vice president for financial markets and head of blockchain at IBM.
  • But KBC’s Bdenoot said the new platform was unlikely to suddenly revolutionize the market.
  • “I don’t think this is going to be something that enters the market and then all of a sudden half of the SMEs are on the platform – I don’t think that’s realistic,” he said.

Tech giant IBM is building a blockchain-based platform for seven big European banks, including HSBC and Deutsche Bank, that is aimed at simplifying trade finance transactions for small- and medium-sized companies.
Continue reading “Banks’ Blockchain Consortium Picks IBM for Trade Finance Platform”

Accenture, Microsoft Ink Deal to Create IDs Via Blockchain

Accenture, Microsoft Ink Deal to Create IDs Via #blockchain

  • Accenture PLC ACN is teaming up with Microsoft Corporation MSFT to create digital ID databases for more than 1.1 billion people globally, by using the blockchain technology.
  • ID2020 is a public-private partnership devoted to resolve the challenges of providing digital identity for people all over the world.
  • We note that Microsoft’s very own cloud-based platform Azure will be utilized to deploy this large scale blockchain and biometric technology.
  • Each block has its own timestamp and a link to an earlier block in the chain, which enables all the parties to have easy access to information via a secure network.
  • David Treat, one of the managing directors in Accenture’s global blockchain business, stated, “People without a documented identity suffer by being excluded from modern society.”

Accenture PLC (ACN) is joining forces with Microsoft Corporation (MSFT) to create digital ID databases for more than 1.1 billion people globally.
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Citadel Securities, XTX Markets Join Blockchain FX Venture Cobalt

Citadel Securities, XTX Markets Join #blockchain FX Venture Cobalt

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Electronic trading houses Citadel Securities and XTX have joined top global banks in signing up to blockchain currency settlement venture Cobalt, they said on Thursday, in what could be one of the first large-scale financial market uses of the technology.
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EXCLUSIVE: ING, SocGen to test LNG trading with blockchain in months

  • LONDON/FRANKFURT (Reuters) – Banks ING and Societe Generale are in talks with traders to test liquefied natural gas (LNG) trading based on blockchain, the technology starting to shake up the traditional energy industry.
  • While established energy suppliers and traders will continue operating as they are for the foreseeable future, blockchain is starting to break into the power market, nudging the status quo in an industry that has been slow to modernise.
  • The banks said their blockchain platform helped Mercuria reduce some processes from three hours to 25 minutes and make cost savings of up to 30 percent, supporting the case for expansion into LNG, natural gas converted to liquid form for easier storage or transport.
  • Omar Rahim, a former energy trader at big utilities, founded Energi Mine in January to develop a blockchain-based trading platform linking big energy users with battery storage to buy electricity at the cheapest times.
  • EEX, Europe’s largest energy exchange for electricity and gas trading, said its role of linking trading parties with each other would not be compromised.

LONDON/FRANKFURT (Reuters) – Banks ING and Societe Generale are in talks with traders to test liquefied natural gas (LNG) trading based on blockchain, the technology starting to shake up the traditional energy industry. Blockchain, which originates from digital currency bitcoin, works as an electronic
Continue reading “EXCLUSIVE: ING, SocGen to test LNG trading with blockchain in months”