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Key facts:
The bank was incorporated we.trade, a solution to run and finance transactions.The service is already active and is oriented to business customers in Europe.The Spanish bank CaixaBank added to his catalog of business services a solution on Hyperledger Fabric for running and financing of transactions of international trade. The institution joined the consortium blockchain behind we.trade, a platform created in July of 2018 to increase the safety and traceability of commercial operations of its customers.Through a press release, the bank indicated that the platform was designed to encourage foreign trade between small and medium-sized european companies, to make real-time tracking to the agreements, and generate contracts smart that link the business operation to finance and the fulfillment of the conditions laid down.”This platform (…) has been developed by a consortium formed by 15 european financial institutions and enables importers and exporters, from a single point of connection and collaborative manner, perform its business operations in digital media easily and intuitively”, said CaixaBank.It is a solution that can only engage clients previously verified and corroborated by the banks that make up the consortium, which reduces the risk of non-payment. The system is enabled to generate contracts smart in which are settled the conditions of the operation.For example, two companies want to perform a transaction for the acquisition of raw materials, but not known. The seller may prefer your payment immediately, but the buyer would be willing to pay only after the arrival of the raw material. To be verified on the platform, both parties could use this solution to perform the operation, and establish the terms and conditions of the exchange.Once agreed the trade, the seller issues a payment request that is communicated to the buyer. This keeps the funds are then released to the seller automatically receive the raw material. The information is based on the network and the participants can establish new business between them or to other companies.
Joint project
The project we.trade is an alliance bank that tries to establish new trade networks in Europe using the technology of accounting distributed (DLT). The consortium was established in 2018 with the participation of nine european banks that are: Deutsche Bank (Germany), HSBC (United Kingdom), KBC (Belgium), Natixis (France), Société Générale (France), Nordea (Finland), Rabobank (Netherlands), Santander (Spain) UniCredit (Italy). Currently the number of banks in connection with the project is of 15.On their web site also informs that each bank has a dedicated node to give life to the decentralized database. It also points out that only the seller, the buyer, and the bank of this last (for execute the payment) are those who have access to the information of the operation. The seller’s bank does not have access to the information unless they request a service banking as a commitment of payment or discounts of bills.The platform is based on Hyperledger Fabric, a frame type of work on blockchain of modular architecture-oriented companies created by Hyperledger, an organization of the Linux Foundation that is built, among other companies, by Blockchain, ConsenSys, R3, Hitachi, IBM, Intel, and banks such as JP Morgan.