IBM won the contract following a global competitive bidding process.
IBM has signed a lucrative deal to provide a European banking consortium with blockchain-based financial trading.
Based on IBM Blockchain powered by Hyperledger Fabric, the new trade finance platform will aim to simplify and facilitate domestic and cross-border trade for small and medium enterprises in Europe, while helping to increase overall trade transaction transparency.
Big Blue was chosen by the Digital Trade Chain Consortium which consists of Deutsche Bank, HSBC, KBC, Natixis, Rabobank, Societe Generale and Unicredit.
The Digital Trade Chain solution will run in the IBM Cloud and is designed to connect the parties involved in a trade transaction, both online and via mobile devices. It is designed to simplify trade finance processes by addressing the challenge of managing, tracking and securing domestic and international trade transactions.