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We.trade Blockchain Platform Successfully Tests Real-time Cross-border Trade

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we.trade said it successfully completed the first real-time commercial cross-border trades on its blockchain platform.

There were seven trade transactions completed through four banks by ten companies on the platform involving five countries. These transactions are claimed to be the first commercially viable open account trades, using blockchain technology, which is more efficient and cost-effective way to trade internationally.

we.trade is a joint venture incorporated in Dublin, established by a consortium of nine European banks, including Deutsche Bank, HSBC, KBC, Natixis, Rabobank, Nordea, Santander, Société Générale and UniCredit, to develop a Trade finance blockchain platform.

The we.trade solution, is built on the IBM Blockchain Platform, powered by Hyperledger Fabric. The digital platform manages, tracks and protects trade transactions between SMEs.

The platform enables the creation of trade orders online, managing the entire trade process from order to payment, select banking products, settlement conditions and payment terms. The fully automated platform also provides a quicker order-to-payment process, the company said.

The blockchain platform is initially available across eleven European countries: Belgium, Denmark, Finland, France, Germany, Italy, the Netherlands, Norway, Spain, Sweden and the UK.

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