Daimler Automaker Completes First Finance Trade on the Marco Polo Blockchain
A popular car manufacturer, Daimler has carried out its first transaction ever on top of the Marco Polo blockchain network. The company, which owns the Mercedez-Benz brand, used the blockchain platform to process data between them and Dürr, a company focused on creating car parts. Landesbank Baden-Württemberg was also involved in the transaction.
According to reports, the pilot involved the delivery of a balancing system for Schenck, a subsidiary of Dürr, and was completely made on the Marco Polo network. As soon as the delivery was made, the data was entered and the network automatically triggered the payment.
Marco Polo was created by a partnership between the R3 consortium and TradeIX. The platform was built using the Corda blockchain technology and its main goal is to connect companies in real-time to lower the barriers that prevented them to trade.
According to R3, the platform was devised because payments based on paper systems are inherently inefficient today and they would gain a lot from being properly upgraded. The pilot was done considerably fast and, according to the parties involved, convinced the companies that they should continue to use the technology in the future.
Susanne Schlegel, the CFO of Schenck, affirmed that increasing the efficiency of the company’s products was not enough. In order to achieve the best results, the group had to also upgrade its business practices and achieve all the potential that the company can.
It was only recently that the Marco Polo network achieved the ability to trigger payments automatically. According to the team, the milestone was reached in August and several companies are testing the new feature so far.