A group of European banks announced that they have completed the first cross-border financial transactions based on blockchain technology through a jointly developed blockchain platform, we.trade.
A notice on Tuesday showed that in the past five days, four banks have used blockchain technology to complete real-world transactions for 10 companies.
HSBC is one of the nine institutions that set up the platform as a joint venture. HSBC said that three customers last week completed a public account transaction through the we.trade platform.
Based on IBM's blockchain platform and Hyperledger Fabric technology, it is organized by the following banks to improve the efficiency of cross-border financial transactions: Deutsche Bank, HSBC, and Belgian United Bank (KBC) ), Natixis in France, Rabobank in the Netherlands, Santander in Europe, Société Générale in Société, and UniCredit in Italy.
As reported by CoinDesk in April, we.trade plans to start testing the platform in May and is expected to release a commercial version in the summer. At that time, Société Générale told the media that the development of we.trade was quick because it focused on trade in small and medium-sized enterprises in Europe.
Parm Sangha, head of blockchain at IBM in Europe, commented in today's statement: "When we.trade has moved from a pilot application to a cross-border real-time transaction, it has proven the power of blockchain technology in a corporate environment. ."
Currently, we.trade is launched in 11 European countries. The platform's chief operating officer, Roberto Mancone, said in a statement that the next step would be to "get more bank and customer support from Europe and beyond."