IBM develops technology solutions for seven European banks that help block the chain into mainstream finance

nnnnComments: IBM announced the development of a block chain called “Digital Trade Chain” for seven large European banks, including HSBC and the Dutch Cooperative Bank, to help companies track, manage and conduct international transactions. Promote international trade in small and medium enterprises. The project is the first practical application of block chains in financial institutions, which is of great significance.n
nnTranslated by: Inan
nIBM on Tuesday announced that it is developing a block-chain technology for seven large European banks to help small and medium businesses promote international trade, including HSBC and the Dutch bank.n
nThe project represents one of the earliest practical use cases of block chain technology in financial institutions. Although the banking industry has been in the past few years has been touted the potential of the chain chain, but its first real application now began.n
nBlock chains are collectives that can record transactions and tamper with distributed digital books. It is the underlying technology that supports digital currencies such as Bitcoin and the Ether Square, and the major banks have been saying it can streamline processes and make them more efficient and more cost-effective.n
nIBM is building such a new block chain, called the “Digital Trade Chain”, to help parties track, manage and conduct international transactions.n
nThe Dutch cooperative bank is one of the participants in the project, and its executive committee chairman Wiebe Draijer explains that when a merchant sells goods to another party, the goods arrive and the chain chain triggers the payment.n
nDraijer told CNBC on Monday in a television interview,n
nn”Our payment is still using the old payment technology, but the entire infrastructure and management is done in the block chain, and when the block chain is sufficiently robust to be large-scale, we will eventually transfer the payment to Block chain solution. “n
nnThe seven banks participating in the project are Deutsche Bank, HSBC, KBC, Natixis, Dutch Cooperative Bank, Industrial Bank and Yuxin Bank.n
nThe technology solution will be based on Hyperledger Fabric, which is an open source block chain framework that will be available at the end of the year.n
n”There are a lot of tests and all banks and financial technology companies are trying to use block-chain use cases,” says Draijer. “Seven of our banks will take further action to develop a block-based application that uses small and medium-sized The export chain business is very powerful and can support the project.n
nSo far, many banks have conducted a one-time block-chain technology test. For example, Wells Fargo and the Commonwealth Bank of Australia last year used block chains to deal with cotton from the United States to China. Barclays Bank used chain-chain technology to test derivative transactions.n

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