Batavia, a blockchain-based trade finance platform founded by banking giant UBS in partnership with IBM, has conducted its first live cross-border transactions involving corporate clients.
According to an announcement released Thursday, the pilot effort saw the platform carry out the full cycle of trades, automatically forming agreements and closing payments, in a process powered by smart contracts and with transactions recorded on a blockchain.
The pilot effort conducted two trades - car sales from Germany to Spain and textile raw materials sold from Austria to Spain - and connected the suppliers, buyers and financial institutions required to facilitate the transactions.
"The members of Batavia have demonstrated how sharing data among permissioned network members can accelerate cross-border trades and bring new transparency to the financial system, both in real-time and at scale."
First unveiled in 2016 by UBS at the 2016 Sibos banking conference in Geneva, Batavia is built with IBM Blockchain.
It later gained participation from several major banks to advance its technological development, including Bank of Montreal, CaixaBank, Commerzbank and Erste Group.
As part of Batavia's move toward a production-ready solution, the project is eyeing wider industry collaboration to include yet more financial institutions and fintech startups further down the road. UBS image via Shutterstock.
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies.
CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
UBS-Backed Blockchain Platform Completes Live Trade Transactions
Publicado en Apr 19, 2018
by Coindesk | Publicado en Coinage
Coinage
Noticias recientes
Ver todo
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.