[2017-06-27] Firstpost: Banks' blockchain consortium picks IBM for trade finance

Banks' blockchain consortium picks IBM for trade finance platform

http://www.firstpost.com/india/banks-blockchain-consortium-picks-ibm-for-trade-finance-platform-reuters-3748895.html

Tech giant IBM is building a blockchain-based platform for seven big European banks, including HSBC and Deutsche Bank, that is aimed at simplifying trade finance transactions for small- and medium-sized companies. Trade finance was identified by a survey of banks carried out by IBM and the Economist Intelligence Unit last year as one of the top areas where blockchain - the underlying technology behind bitcoin - could have an impact.Blockchain technology provides an electronic record-keeping and transaction-processing system, which lets all parties track documentation through a secure network and requires no third-party verification. This contrasts with the present process - trade finance transactions typically involve a complicated paper trail that requires international courier services, is vulnerable to document fraud, and can take as long as a month to be completed.