Global Trade Finance Blockchain Platform We.Trade Has 400 Companies And 14 Banks Onboard

How Popular Is We.Trade For Global Trade Finance? Over 14 Banks And 400 Companies Now Use It

It is amazing to think just how many transactions take place in the real world within a single day. The number would be astronomical, even if we bring it down to, for example, the number of bottles of wine move from the antique vineyards of France to buyers in Spain. Or if we consider the amount of furniture delivered to the UK through a German or Swedish furniture store.

These kinds of transactions take place at a staggering rate and are ever present in our daily lives, whether we notice the delivery vans or not. For the most part, these kinds of transactions and deliveries were only ever reserved for larger-scale companies, especially when it came to large deliveries. That is until the blockchain world got involved and opened up this kind of potential to smaller and medium-size ventures and businesses.

We.Trade, which operates in conjunction with the multinational tech giant, IBM, along with 14 Banks based in Europe such as – Caixa Bank, Deutsche Bank, Erste Group, HSBC, KBC, Natixis, Nordea, Rabobank, Santander, Société Générale, UBS and UniCredit.

The ultimate aim of this collaboration is to create a fully immutable, transparent network for financial trade with the use of blockchain technology. Which is a system that was never before heard of or considered possible just a few years before.

But now it is something that has shaped into something truly globetrotting and working its way through production thanks to the use of both, smart contracts as well as Distributed Ledger Technology:, along with the banks that it is currently partnered with will allow for a far wider door to be opened for smaller-scale and medium-sized businesses. To put it bluntly, this will allow for more than 70 percent of small / medium size businesses to conduct financial trades that otherwise wouldn't have had the ability to do so just years previously.

One of the added positives of this system is that it allows for a far greater level of trust between users, businesses, and banks, as well as allowing them to foster far more transparency throughout the entirety of the lending process. In order to accomplish this, these banks have enjoyed a direct line of communication with IBM, allowing them to solve specific issues that they suffer within this ecosystem.

This system also allows more companies to have easy and more efficient access to trade finance, giving them a far higher potential to improve and grow their companies through forming new financial and trading partnerships, both within and outside of the European Union.

“For the first time, competitors are joining forces to solve all the complexities of trade finance,” This is according to the Chief Operating Officer of We.Trade – Roberto Mancone – who took part as one of the speakers during the IBM event, THINK 2019, which is the company's annual conference dedicated to business and technology.

During the event, Mancone discusses the power of technology to truly innovate the worlds of finance, business and banking irrevocably.

“We’ve moved quickly and deliberately to do it and we’ve guaranteed a user experience that enables businesses to trade, seamlessly, simply and with trust. The platform is available via the cloud for any bank to use, not just our founding members. Meanwhile, we’ve made exponential progress unlike any other organization in this space.”

One of the innovations that make this system work effectively is Distributed Ledger Technology (DLT). This allows for the flow of documentation to take place with complete transparency between various banks, companies involved with logistics, and those involved in the business of freighting and transportation, while also making sure that this movement of data remains highly secure.

DLT also allows for banks and their customers to seamlessly create trading orders online, while also managing trade processes throughout; from order to payment. This system is also put to use between businesses, allowing them to easily and securely create smart contracts on the blockchain, outlining specific agreements and obligations between trading parties. These solutions allow for a significant amount of overhead expenditure to be cut down, especially when it comes to the matter of logistics, allowing them to also scale businesses more efficiently, triggering automated payments once the conditions of the smart contract are met by both parties.

Operating and being in thorough compliance with the latest .sets . of regulatory requirements across a wide range of countries that these companies and financial institutions operate in, as well as the European Union. The platform itself is currently live for its partners, and in a state of continued production for new users.

The Open nature of architecture behind its API system allows it to easily track various goods that are shipped by any of the 400 registered logistics companies operating throughout the continental European region, all while being completely accessible, both through any portable computer or laptop, as well as mobile device, providing ease of use for anyone involved in the processes of trading and shipping.

This system provides its users with far broader accessibility to supply chain finance as well as bank payment obligations, or its own iteration of letters of credit for banks and businesses. WeTrade provides a wide scope of trade financial services for banks, their customers, including buyers and sellers of various scale.

Along with providing a high level of security and efficiency for companies, operates within the wider context of the regulatory framework of the European Union, such as the EU's General Data Protection Regulation (GDPR), along with adhering to the separate guidelines and requirements of each of the banks involved.

One of the other major developments to come to the world of finance, thanks to the application of blockchain technology in the world of enterprise comes from Hong Kong. We.Trade has been collaborating with eTradeConnect, which offers a very similar solution, making use of blockchain technology in order to create a streamlined, efficient method of trade between financial institutions and businesses.

With the connection of these two platforms, this has resulted in the creation of a unique and revolutionary trading corridor, linking the powerful markets of both Asia and Europe in the trade finance business.

“The goal of this collaboration to connect these DLT networks is to speed up the proliferation of these platforms into new territories, also taking it beyond the bank-backed aspects of trade finance to ultimately create a convenient, frictionless user experience for clients involved in all areas of global trade,” said Mancone.

IBM is providing its clients with a revolutionary set of tools and services with which to create a new future where global systems of trade can be interconnected as never before seen. And with blockchain technology, this globally connected network would operate as a highly efficient, secured as well as thoroughly transparent ecosystem.

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