Corda Blockchain Trade Finance Platform Marco Polo Sees First Transactions
Industrial trades leveraged the blockchain-based platform, with goods changing hands between Germany and China.
Tech group Voith and pump manufacturer KSB SE were the initiators of the transactions, which constituted a pilot scheme for Marco Polo.
One transaction saw couplings delivered from Germany to China, while a second was based on hydraulic pumps delivered solely within Germany.
The banks facilitating the operation were German banking giants Commerzbank and Landesbank Baden-Wuettemburg, while the financing operation closed on Marco Polo, with Corda mapping the flow of information.
“The transaction shows that blockchain technology can offer our customers payment protection and financing using the most modern methods for both cross-border and domestic trade,” Commerzbank divisional board member for trade finance and cash management, Nikolaus Giesbert, commented in the press release, adding:
“Here we see a valuable opportunity to develop innovative trade finance solutions together and introduce them to the market.”
Commerzbank and the other entities involved in the pilot stated that they will move forward with experimentation, aiming to carry out entire transaction processes using Marco Polo.