European Banks Work With Blockchain Technology
Back on Tuesday, a group of banks performed live transactions during the last weeks. One of the banks, HSBC, informed that three of its clients were part of the test. The network is known as we.trade and uses IBM’s blockchain technology.
Some of the financial institutions participating on the test were Deutsche Bank, HSBC, KBC, Natixis, Nordea, Rabobank, Santander, Société Générale and UniCredit.
“As we.trade has moved from pilot applications to conducting live transactions across borders, it has demonstrated the power of blockchain technology in an enterprise setting,” commented Parm Sangha, IBM’s blockchain lead in Europe.
We.trade is operating in 11 countries in Europe. About the project, Roberto Mancone, the platform’s chief operating officer, explained that the next phase will include other participants from Europe and other countries.
The we.trade platform is powered by Hyperledger Fabric, which is a blockchain framework implementation that hides transaction amounts from all people, only excepting the parties that perform the transaction. This allows sensitive information to be shared without passing through a central authority.
There are several companies and financial institutions working with blockchain and distributed ledger technology. For example, JP Morgan has created its own blockchain network that is used by several companies in the financial field.
Blockchain is able to provide efficiency to institutions, and the financial industry in general.