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European Banks Complete First Live Blockchain Financial Trades

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In a move to consolidate their efforts and take full advantage of the blockchain industry to remove the numerous challenges of cross-border transactions, a group of European banks recently announced that they have successfully conducted the first live financial transactions through the we.trade blockchain platform, which was jointly developed by the banks. The banks succeeded in completing a cross-border transaction via the new platform.

In a public announcement jointly made by the banks on Tuesday 3rd July, 10 companies executed the real-life trades over a period of five days, while four banks facilitated the trade via the blockchain technology. One of the developers of we.trade, HSBC, announced that open accounts transactions were completed by three of the clients through the we.trade platform in the preceding week.

Parm Sangha, the IBM’s leading blockchain figure in Europe had this to say, as quoted by Coindesk.com:

As we.trade has moved from pilot applications to conducting live transactions across borders, it has demonstrated the power of blockchain technology in an enterprise setting.

This could be the beginning of many other interesting developments to be expected from these banks in the coming year.

In a report by chepicam.com, we.trade is a joint venture between HSBC, Deutsche Bank, Nordea, KBC, Rabobank, Natixis, Societe Generale, Santander, and UniCredit. These companies built we.trade on IBM’s blockchain platform while Hyperledger Fabric technology provided the needed assistance. It is the desire of these companies to increase the efficiency of cross-border financial transactions with the platform.

The founders of we.trade are not resting on their laurels. Rather, they are redoubling their efforts to expand the scope of cross-border transactions via the platform. In his speech, Roberto Mancone, we.trade’s COO, announced the determination of the platform to source more clients. He said the platform will try to get more buy-ins from “additional banks and their customers in Europe and further afield.” This is a welcome development both for individuals and organizations, which have been expressing their displeasure over the difficulty of conducting trades with their business partners, clients, or customers in other countries.

At the moment, we.trade is operational in about a dozen European countries: Denmark, Belgium, France, the Netherlands, Finland, Italy, Spain, Germany, Norway, the UK, and Sweden.

In a chat with CoinDesk, Societe Generale said that it is currently focusing on small and medium-sized businesses (SMEs) in Europe to increase we.trade’s chances of moving quickly to achieve its goals.

Image Credit: Deposit Photos

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