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IBM blockchain platform

IBM Blockchain Platform | LedgerConnect Launches

The IBM blockchain platform aimed at financial services was launched today, according to a CNBC news report. IBM currently holds several blockchain-based patents and is working on several different projects with Distributed Ledger technology.

IBM Paves the Way

When cryptocurrency began its ramp up back in mid-2017, several banks around the world started eyeing blockchain technology to see how it could potentially benefit current systems and how it could cut costs.

IBM has partnered with CLS, a foreign exchange market infrastructure firm, and has created LedgerConnect. LedgerConnect is a proof of concept blockchain platform that was specifically designed for financial service companies, like banks. It aims to apply blockchain technology to a number of financial areas including sanctions screening, know-your-customer processes, collateral management and derivatives post-trade processing.

Many individuals banks are working on their own private blockchain projects, but there are also some companies emerging that are offering the banks their own proprietary technology. For example, R3 is working on its own technology and is currently working with a consortium of banks.

>> IBM Completes First Cross-Border Trade

Connection Problems

As mentioned before, many banks are working on their own technology, but this could cause serious interoperability issues. If one bank is using its own proprietary distributed ledger and another bank is using a different blockchain, then they won’t be able to transact with each other—which completely defeats the purpose.

The IBM blockchain platform is hosted on a single network and hopes to be a one-stop shop for all financial institutions.

Last year, IBM announced that it was working with the world’s sixth largest cryptocurrency, Stellar, and just recently updates have surfaced about the partnership. Fintech startup Stronghold created its own version of a stable coin named ‘Stronghold USD‘ and IBM announced its support of the coin. Stronghold USD is held on the Stellar blockchain.

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IBM Blockchain Platform | We.trade Helps Cross-Border Transactions

IBM blockchain platform: We.trade, a European blockchain trading platform, has just announced that it has completed its first live operations.

The platform was established by the major European banks Deutsche Bank, HSBC, KBC, Natixis, Nordea, Rabobank, Santander, Societe Gererale, and UniCredit. This consortium was put together to address the current issues many banks face with cross-border transactions.

Blockchain to the Rescue

We.trade is built on the IBM blockchain platform and is powered by Hyperledger Fabric. We.trade solution offers its customers a simple user-interface, new potential trading opportunities, and innovative smart contracts.

CEO of We.trade, Roberto Mancone, said:

“The we.trade platform is a live blockchain based trade platform. These transactions prove that we.trade is a robust and commercially viable proposition. We are delighted to have launched for the first time in the world, a blockchain based platform that enhances the overall customer experience when trading internationally. The next step will be getting buy-in from additional banks and their customers in Europe and further afield.”

Currently, we.trade operates in 11 European countries and is growing. The live transactions made within the past five days were between 20 different companies. Five of its partnered banks facilitated the trades, which signify the first commercially viable open account that uses blockchain technology.

We.trade Expanding

“These trade(s) represents a great example of traditional banks innovating to meet their clients’ needs by working with we.trade. Our bank wants to make cutting edge technology available to our customers when it comes to trading globally. We.trade is a trading solution that our customers need,” said CTO of Rabobank, Bart Leurs.

Currently, we.trade is available in the following counties:

  • Belgium
  • Denmark
  • Finland
  • France
  • Germany
  • Italy
  • the Netherlands
  • Norway
  • Spain
  • Sweden
  • the United Kingdom

The we.trade team plans on expanding to all countries within Europe and then will seek global banking partners from there.

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