The American International Business Machines (IBM) Corporation continues with its involvement in the blockchain space by expanding its collaboration with we.trade. IBM has now become a shareholder in the blockchain-based platform for international trades.
We.trade began operations in 2017 under the name Digital Trade Chain. Initially, 9 banks backed the project, but the number has since increased to 12, including CaixaBank, Deutsche Bank, HSBC, Nordea, Rabobank, Santander, UBS, and UniCredit.
Per the announcement from earlier today, the giant multinational technology company has become the newest shareholder at we.trade along with the mentioned above 12 existing bank shareholders.
The DLT-based firm is designed to “improve the trade finance lending process, supporting companies as they grow their business and expand into new markets.” Built on the latest version of the IBM Blockchain Platform, we.trade also strives to replace paper documentation in the trade finance processes by providing digitized solutions.
According to Ciaran McGowan, CEO of we.trade, “no other distributed ledger-based platform for trade has moved so rapidly to deliver value for member organizations and their customers.” He added that the firm will continue investing and expanding its services to even more entities.
“The strategic direction for we.trade and IBM is focused on driving growth and transparency across the entire trade ecosystem, collaborating to enhance the network effect of blockchain, and expanding access to trade finance and other services to the market place.
We.trade aims to help banks create new trusted trade corridors and expand markets by interconnecting with other regional trade services platforms.” – said Jason Kelley, GM Blockchain Services at IBM.
As CryptoPotato reported recently, the giant American company also launched a blockchain-based solution to combat the medical supply shortage in the face of the COVID-19 pandemic.
Called IBM Rapid Supplier Connect, the project is powered by IBM Blockchain. It aims to connect buyers and suppliers of COVID-19 medical equipment by improving the transparency and the verification speed.
The New York-based healthcare provider Northwell Health and The Worldwide Supply Chain Federation (TWSCF) also joined the network.
The announcement informed that the Rapid Supplier Connect platform will be available at no cost for buyers and suppliers in the US and Canada until August 31st, 2020.