Software giant IBM has joined the international trade-focused Blockchain We.Trade platform to accelerate its adoption within the retail supply chain, according to an official release on its website.
The platform, built on Hyperledger Fabric to connect buyers and sellers internationally, is financially supported by major banks such as HSBC, UBS, CaixaBank and Germany’s Deutsche Bank.
With a pandemic seeming to change the traditional way of doing business, We.Trade plans to be a key player in the digitization of trade finance processes, expanding its services to banks and clients across Europe by the second half of this year.
Director of blockchain at IBM: DLT is transforming global supply chains
According to the platform’s projections, they are considering expanding their digital business based on DLT technology to global organizations and customers in Asia and Latin America in the near future.
The objectives of We.Trade are to connect small and medium enterprises with banks, simplifying the current paperwork to access the respective financing involved with international and cross-border trade, as shown on its website.
„No other trade platform based on the distributed ledger has moved so quickly to deliver value to member organizations and their customers,“ said Ciaran McGowan, CEO of we.trade. „The enthusiasm for this platform underlines the need to continue to invest and expand access to a growing number of organisations.
The business blockchain market will reach $21 billion by 2025, according to Fortune Business Insights
According to the official note, an IBM Institute for Business Value survey of more than a thousand organizations worldwide found willingness of respondents to access new markets through the existing We.Trade Blockchain network.
Regarding the association Jason Kelley of IBM Blockchain Services said that the platform „aims to help banks create new reliable commercial corridors and expand markets by interconnecting with other regional commercial services platforms.
Already the Blockchain platform has been working with Hong Kong-based eTradeConnect, a Blockchain-based trade finance platform comprised of 12 banks from Asian countries.
IBM expanding horizons
With the push for general ledger technology, IBM believes that supply chains with transparency and greater visibility of where things stand through technology, is a key factor in the block chain benefits of this type of initiative, in addition to the implied cost reduction, as Rupert Colchester, IBM’s head of Blockchain in Australia and New Zealand recently told Cointelegraph.
Dole to integrate IBM Food Trust in all regions by 2025
According to Colchester IBM is working with several ongoing projects focused on https://pacenet.eu/en/bitcoin-era/, https://pacenet.eu/en/bitcoin-circuit/, https://pacenet.eu/en/bitcoin-evolution/, https://pacenet.eu/en/bitcoin-revolution/, https://pacenet.eu/en/bitcoin-trader/, https://pacenet.eu/en/bitcoin-code/, https://pacenet.eu/en/immediate-edge/, https://pacenet.eu/en/bitcoin-profit/, https://pacenet.eu/en/the-news-spy/, https://pacenet.eu/en/bitcoin-billionaire/ supply chains in different areas of international trade, such as collaboration with Maersk for the digitization of business processes.
In addition to IBM Food Trust, the IT giant is working in the financial services industry on the Lygon pilot in Australia, to issue near-instantaneous bank guarantees relative to the traditional 30-day average.
To complement this, a recent report from the world’s largest fruit and vegetable producer, Dole Food Company, indicates that by 2025 they plan to launch DLT tracking in all of their divisions worldwide, applying IBM’s food supply chain technology, Food Trust.
The business Blockchain market is one of the most promising for the coming years. According to Fortune Business Insights, it is expected that by 2025 this market niche will reach about 21,000 million dollars, exhibiting a compound annual growth rate of 38.40% in the period 2018-2025.