we.trade., a blockchain platform that helps make international trade much faster and efficient, has recently announced that it will strengthen its collaboration with IBM for facilitating network enhancements and boost the platform’s global commercialization. IBM has recently become a new shareholder with about 12 of the existing bank shareholders.
we.trade is among the largest blockchain-aided trade networks within production and is designed to enhance the trade finance lending process by helping firms as they steadily grow their business as well as expand in the newer markets. we.trade has witnessed a definitive momentum over the past few months as the firms have moved to replace trade finance processes which were paper-based ones with a digitized solution.
we.trade, starting from July, will be extending its services to more clients and banks in Europe before having expanded the global network, beginning from Asia. Work shall be continuing at the same time for helping let we.trade interoperate with the other trade finance networks that are distributed ledger-based. This would be similar to the work done with eTradeConnect, a Hong Kong-based, blockchain trade finance platform that had been formed by 12 Asian banks.
Enhancing as well as improving access to trade finance is important for economic recovery in the current situation. With the disruption of several services which support different traditional methods of trade finance, there is also an added incentive for the international trade to be going digital, that also includes embracing the platforms offering digitized versions of the manual business processes to be able to ensure the contracts, trade financing agreements and signatures which can be linked virtually.
we.trade’s CEO, Ciaran McGowan said that no other platform based on distributed-ledger for trade has moved so fast to deliver the value for all member organizations as well as their customers. The fervor and interest shown for the platform underline the requirement for a continued investment as well as the expansion of access to an increasing number of organizations.
Source Credit- https://newsroom.ibm.com/2020-05-21-we-trade-Digital-Trade-Finance-Network-strengthens-collaboration-with-IBM