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Thursday 21 May 2020

IBM acquires stake in blockchain based network

IBMIBM has become an equity stakeholder in blockchain based, global trade finance network, Formed by a consortium of major European banks, with IBM initially acting as the main technology provider, utilises digital ledger technology (DLT) to modernise the trade finance process.

In the last 24 months, the global trade finance market has emerged one of the strongest use cases for DLT (see: Trade finance emerges as blockchain’s new sweetspot). The innovative application of this, and other technologies, is helping to accelerate processes, facilitate regulatory compliance and reduce the potential for fraud. In something of a milestone for, HSBC, financed its first transaction via the platform in August 2019.

As the market for trade finance technology has matured, so the space has seen a number of interesting developments recently (see: Ebury pledges financial support for SMEs and Citi looks to smooth trade finance with Contour). Whilst it would be true to say that, in terms of the wider ecosystem, the project still has some way to go before fulfilling its transformative potential, IBM’s investment appears to be a sign of confidence in the direction of travel.

Posted by: Jon C Davies

Tags: blockchain   DLT   tradefinance  

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