7 Major European Banks Form Blockchain Platform ‘Digital Trade Chain’
A group of seven large European banks has signed a memorandum of understanding (MoU) to develop a blockchain-powered cross-border trade finance platform for small and medium-sized companies in Europe. The participating banks are UK-based banking giant HSBC, Dutch institution Rabobank, French financial institutions Société Générale and Natixis, Italian banking group UniCredit and Belgium-based KBC. Aimed at bettering domestic and cross-border commerce cross-border commerce for companies in Europe, the newly form banking group will come together to develop, deploy and push for adoption of....
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Seven major European banks are partnering on a new blockchain-based trade finance platform, with a tentative plan to launch sometime in the second half of 2017. Dubbed Digital Trade Chain (DTC), the initiative grew out of an earlier proof-of-concept spearheaded by Belgium-based bank KBC and first unveiled in July of last year. Those backing the platform’s development are looking to establish a secure place to manage open account trade transactions for both domestic and international commerce. DTC utilizes a permissioned ledger, with authorized parties allowed to submit transactions on the....
A survey conducted by professional services firm Accenture has revealed that nine out of 10 major U.S., Canadian and European banks are currently exploring blockchain technology in the field of payments. The survey, titled ‘Blockchain Technology: How banks are building a real-time global payment network’ [PDF] canvassed the opinions of 32 of the top commercial banking professionals in the banking industry. Notably, the transformational potential of blockchain technology in the payments space was under the spotlight. Executives participating in the survey included those from 11 of the top....
Seven major banks and financial institutions including HSBC, Deutsche Bank, KBC, Natixis, Rabobank, Societe Generale and UniCredit signed a Memorandum of Understanding hereinafter MoU in Brussels to develop a Blockchain-based trade finance and supply chain platform. Upon the completion and implementation of the joint project, the seven institutions will focus on implementing their Blockchain platform to optimize trade finance operations. The platform, which is based on a technology called Digital Trade Chain hereinafter DTC developed by the Belgian bank KBC, is expected to settle both....
ING and Societe Generale, a Dutch and French bank respectively are reportedly in talks with global commodities traders to test trading of liquefied natural gas on a blockchain enabled with smart contracts. After successfully trialing crude oil cargo trade on a blockchain last month, the two European banks are now looking to enhance the trading process of liquefied natural gas (LNG). According to a Reuters report, the two banks have already spoken to several players in the LNG trading market about testing a deal on a blockchain ‘within months’. LNG is natural gas converted to its liquid....
Pure Digital says the first trade will take place on its platform “within a week," and that it will be a bitcoin trade between banks.