Today it was confirmed that the first cross-border business transactions were conducted on the blockchain we.trade platform, which is a project of a group of financial giants, including HSBC, Rabobank, and Deutsche Bank.
Though, these are not transnational banking operations financed by an average bank that operates with a blockchain. This particular test was a component that ensured the interaction between remittances and banks throughout the country.
Over a week of work, 10 companies held events on we.trade platform, using four different banks in five countries. The lists of participants are well-known brands such as Santander, KBC, Societe Generale. Participation includes 11 European countries, including Germany, France, Sweden, the Netherlands, Spain, and the United Kingdom.
“This live exchange is an excellent achievement for all of those who are involved,” said Commercial Director of KBC and Chairman of the Board of We.trade, Hubert Benoot. “We not only created a technical solution but also developed a real collaboration amid several banks and increased the rationality of the commercial ecosystem.”
Once we are fully operational, we believe that the platform can propose an economic solution at the company level. It is yet to be seen whether the project can meet overall expectations.
Successful testing is also a great accomplishment for the IBM Blockchain platform that drives we.trade. The IBM Blockchain platform is possibly the most thriving product of the Hyperledger movement of the Linux Foundation, an open source, blockchain resource with more than 220 partners in all parts of the global industry.
More victorious tests related to blockchain in the future will probably boost the adoption of all Hyperledger partners, which also comprise leader in the credit card industry, American Express.
Just around the segment, Tech Mahindra also in plans to initiate a blockchain center in its Hyderabad facility, which is research and development arm “Makers Lab”.