Digital Trade Chain: 7 Banks Could Go Live With Blockchain in 2017
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....
Related News
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....
According to an IBM survey that gathered insights from 200 global banks, 15% of those banks could be running blockchain solutions as early as 2017. While 2016 is the year that has – already – seen blockchain prototypes tested and trialed, 2017 will be the year banks start putting blockchain solutions into implementation, according to a new IBM study. “Hurtling” Toward Blockchain. Released today, the study, “Leading the Pack in Blockchain Banking: Trailblazers Set the Pace”, conducted by IBM Institute for Business Value, summed up the interest in blockchain among the 200 banks it surveyed,....
On Sunday afternoon’s lead-off keynote address at the Money 20/20 Conference in Las Vegas, Visa and Chain joined to collectively promote their new, blockchain-inspired payments platform, B2B Connect. Visa and Chain Use Blockchain for B2B Transactions. Leveraging benefits from shared infrastructural ledger technology, including global scale, transparency, and cryptographically-backed security, the Visa B2B Connect product is built on Chain’s proprietary Chain Core software. The product will go live with a pilot in early 2017, though successful tests have already been conducted. Vicky....
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....
The live repo trade used a blockchain application built in-house, as well as the bank's JPM Coin.