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IBM Blockchain | Santander Bank Enters $700 Million Deal with IBM

According to Cointelegraph, Europe’s Banco Santander and tech behemoth IBM have announced an accord involving the IBM blockchain.

The pair signed a $700 million USD deal aiming to increase Santander’s technological developments.

The news was released yesterday via a press release.

IBM Blockchain

The deal is a five-year “global technology agreement” that will improve the bank’s services by using innovative technology such as blockchain, AI, and big data. IBM will take care of the technology behind its new services.

IBM has been leading the blockchain revolution in business across the globe. Only last week, the company successfully completed a blockchain trial aimed at improving the shipping industry. In this instance, IBM’s blockchain recorded a shipment of mandarins from China to Singapore.

The details of the trade were recorded on the blockchain. This replaced the usual bill of lading (BL) document. In normal practice, the BL is mailed to all parties involved in the shipment; this includes banks and those who provide trade financing. It can take anywhere up to a week to send the document around.

However, in using the IBM blockchain instead, the entire record is sent in 1 second.

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Santander

Santander is Spain’s biggest financial and credit group, and now the company is looking to “evolve towards the open, flexible and modern IT environment it requires.” The move should reduce the bank’s overall annual IT spending.

David Soto, IBM General Manager for Santander Group, was quoted in the press release as saying:

“Santander Group is leveraging IBM technologies to support their security and regulatory work, and to rapidly develop new services that meet emerging customer demand by tapping into IBM’s unique technology and industry expertise.”

The financial institution created its own blockchain research team last year. Called the Digital Investment Banking team, its purpose is to explore blockchain’s ability to enhance securities trading.

Featured Image: DepositPhotos © Fotofabrika

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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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