GO BIG BLUE. Finally a win. IBM has been in a bit of a funk the last few years even though they have ‘Watson’ (famous chess player) and all kinds of new technology. But, Big Blue has been picked to build a new international trading system based on blockchain for some heavyweight banks including HSBC, Deutsche Bank and others. Got a new acronym too; “DTC” for Digital Trade Chain”. Pretty cool and congratulations to IBM.
“IBM has been selected to build a new blockchain-based international trading system for a consortium of global banks, a major win for the tech giant in the race to sell blockchain to Wall Street.
Deutsche Bank, HSBC, KBC, Natixis, Rabobank, Société Générale and UniCredit announced in January that they were banding together to build a “Digital Trade Chain (DTC),” a blockchain-based trade finance platform.
International trade is currently a convoluted process where most involved can’t see the whole process, instead only dealing with one other party in a complex supply chain.
DTC will use the same technology that underpins digital currency bitcoin to connects all parties involved in international trade — buyers, sellers, transporters, banks financing the deals, and so on. The hope is that this leads to more financing for people lower down the chain as banks can be confident seeing the end buyer is good for the money.
IBM announced on Tuesday that it has been selected by the consortium to build DTC, following what it calls “a global competitive bidding process.”
Marie Wieck, IBM Blockchain’s general manager, says in a release: “In working with hundreds of clients around the world on a diverse range of blockchain projects, trade finance has emerged as one of the strongest use cases for the technology.”