IBM’s logistics-oriented blockchain pilot projects bore fruit as major Spanish financial institution CaixaBank introduced the technology to its customers and clients. Based on smart contracts, the We.trade platform provides zero risks for shipping operations.
CaixaBank became one of the first banks in Europe to introduce blockchain technology to its clients by introducing the We.trade platform. The bank publicly shared the development on Jan. 3 within a press release. Analyzing statements from the European Central Bank and seeing major developments made by European financial institutions, we see a clear push towards blockchain adoption.
Created in 2017, We.trade serves as a finance platform backed by IBM’s enterprise-level blockchain technology. A group of 15 European financial institutions such as Société Generale and UBS developed the platform. The goal of We.trade is to provide a trustless digital platform that can swiftly verify financial information and provide it to companies.
With the help of the platform’s open API architecture, companies can track goods and items shipped by more than 400 logistics companies in Europe, who have also adopted the platform. As a reminder, Spain served as the hub of IBM’s logistics-oriented blockchain pilot projects.
We.trade’s blockchain technology relies on smart contracts that allow buyers and suppliers to create transactions and have their trading operations tracked. Moreover, the financing of the operations is tracked on the blockchain, which in return provides 0 risks for the companies using the platform.
CaixaBank became a part of the We.trade consortium in October 2018, when the bank started providing access to the platform to more than 15.8 million customers and clients. In the recently released press release, CaixaBank stated:
“Specifically, the solution provides real-time monitoring of transactions, which increases transparency throughout the process. Since it is a platform which can only be accessed by customers who are verified and authenticated by the member banks, the security and trust element of the transactions is very high.”