Financial trading blockchain platform Batavia-based banking giant UBS, together with IBM held the first real transaction for corporate clients. This is stated in a joint press release of companies.
The project also involved the Bank of Montreal, CaixaBank, Commerzbank and Erste Group.
During the pilot run was completed two transactions: the sale of cars from Germany to Spain and selling of textile raw materials from Austria to Spain. In addition, in the process a connection between all parties (suppliers, customers, and financial institutions) necessary to conduct transactions.
According to representatives of the Batavia, the platform has performed full sales cycle, automatically creating agreements and closing payments. The whole process was provided by smart contracts, and transactions recorded on the blockchain.
“Employees Batavia demonstrated how the exchange of data between the authorized members of the network can accelerate the process of cross-border sales and to provide the system with transparency and in real time, and in transactions on a large scale”, – said General Manager of IBM’s Blockchain Services Jason Kelly.
Note that the platform Batavia, based on the IBM blockchain Blockchain, was first introduced by UBS in 2016 at a banking conference Sibos in Geneva.
We will remind, in February, the holding company UBS Group AG reported that it can make changes in the internal Charter, under which all employees of the organization will be required to obtain a permit to trade cryptocurrency.