Lack of trust in trading partners and a plethora of legal and regulatory issues remain barriers to international trade for many small and midsize enterprises (SMEs) in Europe. With the help of IBM Services, Nordea and other European banks formed we.trade, a digital trading platform powered by IBM Blockchain technology. The blockchain technology creates a traceable record of transactions transparent to all parties. And because every business in the we.trade network has been verified by its bank, traders are assured of trustworthy partners. Nordea hopes to expand the network by adding logistics companies, insurers and other service providers to create a complete trading marketplace.
“IBM brings in the cross-industry expertise, expanding the knowledge and the capabilities throughout the supply chain, because trade includes multiple parties and it’s conducted in a global environment,” explains Patrik Zekkar, Head of Trade Finance and Working Capital, Nordea Bank.
Blockchain for trade finance: https://ibm.co/2GCrbN2
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