A group of European banks have conducted a series of cross-border financial trades via a jointly developed blockchain-powered platform.
The platform is intended to facilitate domestic and cross-border trade for small and medium enterprises in Europe and increase overall trade transaction transparency.
IBM and seven major European banks – Deutsche Bank, HSBC, KBC, Natixis, Rabobank, Societe Generale and Unicredit – announce a Digital Trade Chain solution is being built on IBM Blockchain and powered by Hyperledger Fabric v1.0.0.
The group will focus on the adoption of bitcoin’s underlying technology to the Internet of Things segment.
Seven large banks are collaborating to make domestic and cross-border commerce easier for European small and medium-sized enterprises.