Internet-based technologies have made giant steps into banks’ departments, but trade finance has long remained a “business as usual.” Something, however, is changing, as corporate clients are demanding more efficient operations and visibility.
Innovative technologies today go beyond browser-based solutions and reap the full benefits of distributed ledger technologies. Banks are joining forces to create consortia running trade finance operations on a single platform operated on a distributed ledger infrastructure.
One of these consortia is we.trade, an Hyperledger Fabric-based platform that directly addresses the SME exporter’s risk of cross-border trade, enables financing (options are factoring or forfaiting), and allows both the buyer and the supplier to monitor a transaction. The typical participants in a we.trade transaction are the buyer company, the buyer’s bank, the supplier, the supplier’s bank, and the logistics operator.
The logistics service provider uses the platform to manage, track, and secure domestic and international trade transactions, with emails notifying the position of the goods in the supply chain so that, when the goods have been delivered, the tracker triggers a smart contract payment. The we.trade consortium platform makes domestic and cross-border commerce easier for SME companies and reduces costs associated with export/import trade financing.
101 Blockchains host this webinar on Addressing the challenges of global trade with blockchain:
- Ciaran McGowan, CEO, we.trade
- Enrico Camerinelli, VP Research at 101 Blockchains
Webinar Discussion Topics:
- Blockchain is more than just the technology- 10 things to consider
- Scaling Strategy- The importance of Sales and Marketing
- An information security strategy to support the phases of growth
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