The Marco Polo platform, jointly developed by R3 and TradeIX, has just facilitated a new transaction entirely via blockchain. It’s a new step towards production.
In 2017, TradeIX and R3 jointly developed and launched Marco Polo, currently is one of the fastest-growing trade capital finance networks. R3 aimed to significantly improve customer experience using blockchain technology to ensure smooth incorporation of data and easy exchange as well, among any trading parties. Marco Polo has now achieved a new breakthrough, ensuring a system that lets real-time payments be made by a third party.
Back in March, LBBW and Commerzbank – two major German banking institutions – successfully completed a trade transaction for two engineering companies. At that time KSB SE, a manufacturing firm, and Voith, a technology company, were the only parties to the trade. The recent test has seen a different firm, Logwin AG joining the transaction on the blockchain and also triggering payment.
Speaking on the success of the transaction, Voith’s Head of Guarantees and Trade Finance, Gerald Böhm, has explained that a transaction which included acquisition, exportation and delivery, was facilitated entirely through blockchain.
“For the first time, we have processed the purchase and delivery of special hydraulic couplings from Germany to Taiwan using blockchain technology. We executed this transaction with KSB, the leading pump and valve manufacturer, via the Marco Polo network,” said he.
A KSB SE exec has also commented on the transaction. According to the Head of Export Financing, Ralf van Velzen, payments can be initiated in real-time, upon confirmation that the goods in question are en route to the delivery point.
“As a buyer, together with our bank we can ensure that the payment commitment becomes effective only if the goods are actually in the hands of the logistics provider, and on their way to the delivery destination,” noted Velzen.
The platform, when fully deployed, would significantly reduce any risks involved with similar transactions. It will also ensure that all parties to a transaction are privy to all details, ensuring transparency.
R3 and TradeIX both have very broad business endeavors. R3’s network comprises more than 300 different members from several diverse industries and sectors. These also include government partnerships and collaborations. R3 runs the Corda open-source blockchain and the Corda Enterprise which is intended for satisfying enterprise needs.
Boasting thousands of experts in at least 13 different nations, R3 has also successfully received various investment amounts from more than 45 companies, totaling more than $120 million.
For TradeIX, its main focus is to support innovation as much as possible, while facilitating easy business transactions in the general trade finance market. Among its services, we can name the provision of APIs and various other tools for development.
TradeIX also boasts more than 100 seasoned experts scattered around the UK, Ireland, the US and Singapore. TradeIX created the first-ever blockchain real-time trade transaction for international logistics giant, DHL, with support from Standard Chartered.