IBM Partners With Big Banks In Blockchain Trade Finance Shake-Up
IBM has launched a cross-bank initiative to give trade finance deals the Blockchain treatment.
The future product, dubbed Batavia, would “help banks and their clients automate the trade finance process, which remains highly manual and paper-based,” Reuters reports Wednesday.
The guiding parties have already involved the likes of Germany’s Commerzbank and Erste Group Bank, as well as Bank of Montreal and CaixaBank.
It is a further Blockchain investment for IBM, which has seen considerable success in the field since it unveiled its IBM Blockchain product earlier this year.
“Trade finance is a perfect use case because there are so many participants in a trade ecosystem especially when you talk of global trade,” Reuters quotes Marie Wieck, a general manager at IBM Blockchain as saying.
“Digitizing and creating a level of trust is a perfect accelerator (for business).”
Batavia’s remit remains fairly vague at this initial stage but should focus on error reduction by giving all trade finance parties an identical self-updating ledger to replace manual in-house record-keeping.
A pilot is expected to take place in the Q1 of 2018.
IBM’s various Blockchain efforts meanwhile have earnt its pole position in a survey this month, which named the corporation as the top enterprise provider after it took 43 percent of the vote.
Microsoft came a distant second, with another 20 percent of respondents favoring its Blockchain solutions.