A consortium of banks is coming together in launching a joint business venture for its in-development blockchain commerce platform. Specifically, the Digital Trade Chain group is building a distributed ledger framework that will connect a buyer, sellers, banks, and intermediaries to simplify transaction management and tracking.
The consortium aims to create a new business entity in the Republic of Ireland, jointly owned by the eight founding banks, that will manage and delegate the offering, now rebranded as “we.trade.” The expected date of formation is speculated to be by the end of the year.
In an official statement, the consortium said: “The commercialization of the platform is expected in 2Q18. From February 2018, test clients of the founding banks will be able to use the platform.”
Amongst the consortium’s membership includes Banco Santander, Deutsche Bank, HSBC, KBC, Natixis, Rabobank, Societe Generale and UniCredit- as well as IBM.
In the upcoming months, the consortium seeks to attract additional partners on top of financial services. One particular area of focus will be companies involved in the trade process, including shipping – an industry that has seen rapidly growing interested in blockchain tech in recent months.
Featured Image: depositphotos/frank11
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