European banks test IBM's Blockchain platform

Several cross-border transactions have been made using IBM's blockchain platform. The first in a long series because many European banks are thinking of experimenting with the network.

Blockchain and European banks

The numbers are raining. Through 4 large banks, a dozen companies were able to execute 7 commercial transactions in 5 different countries in less than a week. This is a pioneering initiative using Blockchain technology.

The known We.trade network, based on the blockchain of the American giant IBM, is the result of the work of 9 European banks such as Santander , Societe Generale or HSBC. The service has been developed on the platform and aims to improve the efficiency of cross-border bank transfers.

https://twitter.com/we_dot_trade/status/1014104263226724357

Parm Sangha, the head of IBM 's blockchain in Europe, said:

"[...] We.trade [...] has demonstrated the power of Blockchain technology within the company. "

Although We.trade operates in 11 different countries on the European continent for the moment , Roberto Mancone, the platform's chief operating officer has announced an imminent expansion. The project will include the accession of other European banks and customers as well as other countries.

"We are delighted to be the first to launch a Blockchain-based platform that enhances the overall customer experience in international exchanges. The next step will be to secure additional banks and their clients in Europe and elsewhere, " said Roberto Mancone.

Stay in the era of time

Financial institutions around the world are increasingly adopting Blockchain technology to improve their systems and provide the best possible service to their customers. Emerging technologies allow them to remain competitive.

As an example, JP Morgan (the financial giant) was able to create its own Blockchain platform used by many other companies. Competition at the industry level is extremely tough, forcing banks to explore less traditional processes.

Bank of America also said that ignoring the technology of the large distributed registry was not advisable, and, not investing in the Blockchain, will cause a considerable delay on the competition.

What do you think of the online transactions on the IBM Blockchain made by European banks? Tell us in the comments section below.