IBM selected for Digital trades by Seven Dominant Banks
Hyperledger to be used - 7 banks came to the decision
Major Banks like: Deutsche Bank, KBC, Natixis, HSBC, Rabobank, Société Générale and UniCredit have been reported that they decided to use IBM for the new Blockchain-based internation trading system – The Digital trade Chain (DTC)
- Build to run domestic and internation trade for small and medium enterprises – SMEs throughout Europe. IBM the bid after it had successfully completed a global competitive bidding process.
The DTC solution will run on the Hyperledger and the IBM Cloud, and will connect all parties via the internet and mobile devices. As a result, SMEs will be able to conduct cross-border trade transactions with increased accountability and transparency. Further, the platform is anticipated to assist all DTC affiliated banks, domestic SME partners, and other European markets with establishing new revenue streams.
- The DTC platform will also initiate new trading connections and bolster trade growth. Credible resources are in demand, as the World Bank reports that 50 percent of SMEs lack access to sufficient lending. According to Rudi Peeters, CIO of KBC, the DTC platform will help streamline these markets.
Rudi Peeters: “To make the Digital Trade Chain network a reality and enable it to serve potentially thousands of the consortium’s banking clients, we turned to IBM in enterprise blockchain to help us quickly bring this highly scalable system into production.” Peeters continued, “Their blockchain and banking industry expertise will help us create a new platform for small and medium businesses in Europe that can enable them for faster, easier and cheaper trade transactions.”
The DTC was established in January 2017 after the seven banks signed a Memorandum of Understanding to develop and commercialize a blockchain platform for global finance.