IBM and a consortium of banks blockchain alliance conducted the first live pilot transaction on IBM’s blockchain-based application called Batavia, according to a press release.
The Bank of Montreal (BMO), CaixaBank, Commerzbank, Erste Group, IBM, and UBS are the banks involved in this project with IBM and successfully completed the first transactions on IBM’s platform such as car transactions from Germany to Spain.
Commerzbank’s divisional board, fixed income, currencies & commodities and trade finance and cash management, Niko Giesbert mentioned,
“Our joint successful live transaction demonstrates the potential of such a platform. Trade data and smart payment, which is automatically triggered by the transport data, form an important basis for risk management and financing instruments and add value to every supply chain. ”
The closing of trade agreements and the execution of smart payments have been done autonomously and recorded on the blockchain. IoT devices have also been used to track the products in the supply chain and to know its condition, which enhances the transparency in the process since events can be traced.