IBM and major banks have conducted the first successful transaction under the new blockchain system

IBM and several major banks-Bank of Montreal (BMO), CaixaBank, Commerzbank, Erste Group and United Bank of Switzerland (UBS) – started work on a joint project last fall.

The essence of the Batavia concept is that it functions by tracking events in the supply line, while key events can activate the execution of smart contracts closing trade contracts.

According to a press release, the first transaction involved the delivery of cars from Germany to Spain and textiles with delivery from Austria to Spain.

The representative of one of the participants of the joint project of the Bank Commerzbank, Nico Gibber said:

“A joint successful real-time transaction demonstrates the potential of such a platform … transaction Information and smart payment automatically activated upon receipt of transportation data form an important basis for managing risks and financing instruments and are valuable for any supply chain»

Gisber also added that the Batavia project is considering partnerships with other FINTECH projects and financial institutions, as the development of the project is moving forward to “building a market-ready solution”.

This month it also became known that IBM, judging from the application submitted to the us patent office, will soon be able to start testing other, new applications with the help of the blockchain system. IBM also participates in government projects: the company, together with the Ministry of Finance of the Republic of Kazakhstan, representatives of the Association of financiers of Kazakhstan and consulting firm PwC, is developing a controlled blockchain system for the management and monitoring of VAT deductions.

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