The software giant IBM has joined the We.Trade blockchain platform, which focuses on international trade. According to an official post on his website, acceptance in the retail supply chain is to be accelerated.
The hyperledger fabric-based platform for the international connection of buyers and sellers is supported financially by large banks like HSBC, UBS, CaixaBank and Deutsche Bank.
With a pandemic that seems to change the traditional way of doing business, We.Trade plans to play a key role in digitizing trade finance processes. Expansion of services for banks and customers across Europe in the second half of the year.
According to the projections of the platform Consider expanding the digital business based on DLT technology to global organizations and customers in Asia and Latin America In the near future.
We.Trade’s goal is to connect small and medium-sized businesses to banks and to simplify the current bureaucratic paperwork in order to access the relevant funds for international and cross-border trade, according to its website.
“No other distributed ledger trading platform has developed so quickly to add value to member organizations and their customers,” said Ciaran McGowan, CEO of we.trade. “Enthusiasm for this platform underscores the need to continue investing and expanding access to a growing number of organizations.”
According to the official note, A survey by the IBM Institute for Business Value among more than 1,000 companies worldwide showed that the respondents are ready to access new markets via We.Trade’s existing blockchain network.
Regarding the Jason Kelley Association of IBM Blockchain Services, he pointed out that the platform “It is designed to help banks create reliable new business corridors and expand markets by connecting to other regional business service platforms.”
The blockchain platform has already worked with eTradeConnect in Hong Kong, a blockchain-based trade finance platform that consists of 12 banks from Asian countries.
IBM broadens its horizons
With the push to ledger technology, Supply chains with transparency and better transparency about where things are through technology are seen by IBM as a key factor in the benefits of blockchain. Rupert Colchester, head of IBM Blockchain in Australia and New Zealand, recently told Cointelegraph that these types of initiatives are being carried out in addition to the implicit cost reduction.
According to Colchester, IBM is working on several ongoing projects that focus on supply chains in different areas international trade, such as working with Maersk for the digitization of business processes.
In addition to the IBM Food Trust, the computer giant in the financial services industry is working in the Lygon pilot project in Australia to issue bank guarantees almost instantaneously in the traditional way relative to the average time of 30 days.
A recent report by Dole Food Company, the world’s largest fruit and vegetable producer, says that DLT tracking is planned to be rolled out across all divisions worldwide by 2025, using IBM technology for food supply chains. , Food Trust.
The enterprise blockchain market is one of the most promising for years to come. According to Fortune Business Insights, this market niche is expected to reach $ 21 billion by 2025. has an average annual growth rate of 38.40% in the period 2018-2025.