The trades, executed by 10 companies via four banks on the we.trade platform – a consortium of Deutsche Bank, HSBC, KBC, Natixis, Nordea, Rabobank, Santander, Société Générale and UniCredit — have been described as the first commercially viable open account trades to harness blockchain technology.
The size of the transactions made by the unidentified European companies from the manufacturing, food, components and residential building sectors varied, but was typically less than £50,000.
One of the key elements of the platform is the ability to execute multiple transactions using smart contracts that allow clients to secure payments, settle trade transactions and automatically request financing or guarantees based on defined events and triggers.
Built on the IBM Blockchain Platform, we.trade
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