This morning via a press release, IBM announced that Batavia passed its first live pilot transactions. Batavia is a blockchain-based trade finance platform that was developed by a group of banks around the world and IBM. These banks include Bank of Montreal (BMO), United Bank of Switzerland (UBS), CaixaBank, Erste Group, and Commerzbank.
Batavia incorporates the closing of the trade and the execution of ‘smart payments.’ The smart payments are held and recorded on the blockchain and are triggered by specific events within the supply chain.
Another great example of #blockchain implementation in #fintech! …
Get latest cryptocurrency news on bitcoin, ethereum, initial coin offerings, ICOs, ethereum and all other cryptocurrencies. Learn How to trade on cryptocurrency exchanges.
Source: Crypto NewsIBM and Bank of Montreal (BMO) Finally Launch Live Blockchain Payment Pilot by Chelsea Roh