IBM an American multinational tech company, partnered with a group of banks around the world to launch a trade finance platform on Thursday, April 19th, 2018 called “Batavia” which is based on blockchain technology. Banks around the world who will be using “Batavia” are Bank of Montreal (BMO), United Bank of Switzerland (UBS), CaixaBank, Erste Group, and Commerzbank.
How Batavia Works
- The basic aim of Batavia is to create Multiple users, cross-border trading network as an open ecosystem that can be accessed by multiple organizations around the world.
- A live pilot transaction on Batavia Platform was conducted with different modes of transportation, and different geographies and different trading parties to check the ability of Batavia to manage and scale diverse transactions.
- Another plus point of Batavia is if you execute the trade agreement through Batavia, all the related parties will be able to avoid errors caused by the lack of transparency.
Our joint successful live transaction demonstrates the potential of such a platform. Trade data and smart payment, which is automatically triggered by the transport data, form an important basis for risk management and financing instruments and add value to every supply chain.Commerzbank Exec, Niko Giesbert
ICICI bank in India is also among one of those banks around the world who are using blockchain to improve their current and outdated system which is costly and time-consuming as well and are moving towards the blockchain platform for its transactions and they already put their 250 customers on its newly adapted blockchain platform.