Wave Brings Blockchain Trade Finance Trial to Barclays
Blockchain-based supply chain startup Wave graduated from the TechStars FinTech accelerator this week, in the process becoming the third firm to ink a deal with UK bank Barclays, which provides non-monetary support to the startup program. Though the deal may not be as impactful to the industry at large as Barclays's attempt to lift its banking blockade on bitcoin businesses with the help of Chainalysis, the bank's interest in Wave signals that enterprise banks may be interested in the application of the blockchain to trade finance. Formerly called OGYDocs, Wave's product will be leveraged....
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A big bank trade finance trial has borne fruit. Barclays reported today that two partners (agriculture co-operative Ornua and food product distributor Seychelles Trading Company) were able to successfully transfer trade documentation via a blockchain platform created by its accelerator program graduate, Wave. The Israel-based startup graduated from the TechStars FinTech accelerator last fall, at the time indicating it was using custom technology on top of a blockchain to facilitate the transfer of trade documents. In statements, Barclays head of trade and working capital Baihas Baghdadi....
Barclays, the UK banking company, teamed up with an Israeli startup to carry out the bank’s first Blockchain-based trade transaction. This allowed Barclays to send a transaction within minutes, both cost effectively and securely, rather than using the traditional transaction process which normally takes hours or days. According to Barclays, the transaction was approximately $100,000 worth of dairy products from an Irish food company, Ornua to the Seychelles Trading Company. Baihas Baghdadi, Barclays' Global Head of Trade and Working Capital, states: "We've proved the reality of this....
Trade finance is entrenched in paper documents these days, as it had been for decades. Using smart contracts on top of blockchain technology could address most of the market inefficiencies. These are exciting times for blockchain technology. Barclays, a world-renowned bank, and Wave, one of their accelerator graduates, conducted a live test of distributed ledger technology. A Live Letter of Credit transaction was performed and completed.This is a significant validation of blockchain technology. Wave is a company dedicated to bringing distributed ledgers to the financial sector. Ever since....
As the dust settles around a steady stream of positive blockchain buzz from major banks, a consensus on use cases that major institutions believe the technology can be applied to is beginning to emerge. One of the more often-heralded use cases is international trade, with institutions having presented a willingness to back efforts related to supply chain, using the technology to secure a chain of custody for physical goods, as well as trade finance – the process by which the movement of these goods is financed as part of the delivery process. So far, IBM has openly touted the supply chain....
Banking consortium R3CEV revealed today that 15 of its members have completed a distributed ledger trial focused on applications in trade finance. The test reportedly focused on how its distributed ledger platform Corda could be used in accounts receivable invoicing and letter-of-credit (LC) transactions. Further, it follows news that Bank of America, HSBC and the Infocomm Development Authority of Singapore completed a similar trial today using software created by the Linux-led Hyperledger project. In statements, CEO David Rutter cited the announcement as evidence of the power of the....