Bank of Montreal’s Batavia Trade Finance Blockchain Platform Is Here
After a successful completion of its pilot phase, the Batavia global trade finance platform is ready to go live. The blockchain-driven project is an establishment of a group of banks including the Caixabank, Bank of Montreal, Commerzbank, IBM, Erste Group, and UBS.
The initial transactions involved the selling of German cars in Spain and the exportation of raw textile from Austria into Spain. Undoubtedly, these pioneering transactions are a significant milestone for Batavia, a blockchain ecosystem that operates on the IBM blockchain platform. Potentially, this project can transform the international trade by bringing in organization and enhanced security features. The test processes were done under a variety of conditions, outlining Batavia’s ability to scale and seamlessly adapt to different transactions.
Batavia will seal trade agreements using smart contracts that are automatically triggered and stored on the blockchain ledger. Furthermore, the platform features tracking and risk management infrastructure that are readily compatible with the supply chain as well as IoT devices. Hence, Batavia is equipped to solve both current and future problems concerning international trade.
The successful testing of the prototype will spur the development of a production-ready solution. In the future, the ecosystem will collaborate with financial institutions to create innovative platforms that ease the offshore trading.
About Bank of Montreal
With over 200 years’ worth of industry experience, the Bank of Montreal is among the leading banking institutions in North America. It boasts of a client base of more than 12 million individuals. The services offered include commercial banking, wealth management and investment banking.
Caixabank is the largest bank in Spain, commanding 27% of the banked population in the country. Overall, it is the biggest bank in the Iberian Peninsula, covering Spain and the neighboring Portugal. The bank’s impressive performance has earned it multiple plaudits in recent years, with the latest accolade being ‘Best Bank in Spain’, awarded in 2017.
Batavia operates on the IBM Blockchain Platform, which is powered by the Hyperledger Fabric, a creation of The Linux Foundation. The platform is used as the base for numerous scalable blockchain projects.
Headquartered in Germany, Commerzbank is a globally acclaimed financial institution. It has branches in over 50 locations worldwide and generates gross revenues amounting to €9.2 billion.
UBS provides financial advisory services to individual and corporate clients from all over the world. UBS has its head offices in Switzerland.
About Erste Group
This is the leading banking institution in Eastern Europe.