IBM enters the capital of the blockchain consortium We.trade
We act, a blockchain platform for international trade (trade finance), linked to IBM. The American multinational company also contributed 7% to the project.
According to a press release, IBM joined We act, a consortium founded in 2017, which is made up of 12 major banking players who a Trade finance platform Exploitation of the Blockchain technology.
We act was developed to improve that Process of commercial loan financingby supporting companies in increasing their activities and developing in new markets.
The structure allows Banks, including HSBC and the Societe Generalein order to gain a sufficient customer base to make the necessary investments profitable.
The strategic direction of We act and IBM focuses on growth and transparency of the entire business ecosystem, works together to improve the blockchain network effect and expand access to trade finance and other services in the market […] We.trade aims to help banks create new, trusted trading corridors and expand markets by connecting to other regional commercial service platforms. ” commented Jason Kelley, General Manager for Blockchain Services at IBM.
Starting this summer We act plans to expand its services to other banks and customers around the worldEurope before using the network globally, starting withAsia.
Other development paths are also being examined. Thierry Roehm, director of Societe Generale Trade Services, recently pointed out that talks are underway to create a consortium we.trade Africawhich would then be connected to we.trade Europe.
Also read: The IBM TradeLens shipping blockchain is expanded
No other business ledger based on distributed ledgers has evolved so quickly to add value to member organizations and their customers. The enthusiasm for this platform underscores the need to continue to invest and expand access to a growing number of organizations, “added Ciaran McGowan, CEO of We.trade.