Why The Launch Of We.trade Matters
Is it true that “blockchain” is just a buzzword that businesses use to obtain investors? Many of the times this is the case, but then I see companies like we.trade that are actually implementing blockchain in a way that is interesting and exciting.
We.trade, formerly known as Founding member banks of the Digital Trade Chain (DTC) consortium (glad they changed that), is a blockchain powered finance trading platform that is built on the IBM Blockchain Platform using Hyperledger Fabric. Today it went live and has been successfully completing multiple real-time customer transactions. Omer Ahsan, head of customer propositions at HSBC and a we.trade board member said, “Last week three of our clients executed transactions using we.trade: Fluid Pumps used the platform to complete an open account transaction with a customer in Finland, GPS Food Group completed an intercompany transaction that included the use of a Bank Payment Undertaking and also executed two open account transactions with Paragon Quality Foods.”
These transaction are the first commercially viable open account trades harnessing blockchain technology, which is huge. Hubert Benoot, chairman of We.trade, said, “Clients are unhappy that, in a European context, their growing of trade is limited by the absence of good instruments to finance and cover risk.” We.trade is currently targeting small to large businesses and is helping banks facilitate trading between their clients with greater transparency, more automation and lower risk.
We.trade is looking to improve even more in the future, releasing a roadmap that includes the onboarding of additional banks, a list of comprehensive benefits for both banks and their clients, and options for add-ons further down the line. We.trade is breaking the proof-of-concept gridlock, showing the world that blockchain can not only improve the way that the world works, but reinvent it for the better.
For a video explaining how We.trade works, click HERE