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IBM and eight banks unleash we.trade platform for blockchain-powered commerce

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It Seems blockchain is the magical word nowadays. Posted today in BankingTechnology:

http://www.bankingtech.com/1034772/ibm-and-eight-banks-unleash-we-trade-platform-for-blockchain-powered-commerce/

IBM and eight banks unleash we.trade platform for blockchain-powered commerce

17 October, 2017 Written by Antony Peyton

IBM and eight banks have unveiled we.trade – the new name for their Digital Trade Chain shared platform using distributed ledger technology (DLT) for domestic and cross-border commerce.

Since January 2017, a group of seven banks (Deutsche Bank, HSBC, KBC, Natixis, Rabobank, Societe Generale and UniCredit), together with IBM, have been developing the Digital Trade Chain platform.

Now with the recent addition of Banco Santander as a founding partner, the group have decided to rebrand the Digital Trade Chain platform to we.trade.

The enlarged consortium will continue to develop the platform that can connect the parties involved in a trade transaction i.e. the buyer, buyer’s bank, seller, seller’s bank and transporter.

According to the group, the platform will be accessible from any connected device and can be used for managing, tracking and securing domestic and international trade transactions.

The commercialisation of the platform is expected in Q2 2018. From February 2018 test clients of the founding banks will be able to use the platform.

Along with this expansion, the eight founding banks intend to establish a joint venture company (JV) before the end of this year, that will own, manage and distribute the platform. The intention is to incorporate the new legal entity in the Republic of Ireland.

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This was news posted yesterday - moved to non-Ripple news and fintech -

From http://observer.com/2017/10/toronto-fintech-conferences-swift-swell-ripple/:

"The IBM-Stellar deal raised some eyebrows because of the erratic past behavior of Stellar’s founder, Jed McCaleb, who was also the founder of Mt Gox, which turned into bitcoin’s biggest ever fraud, and then co-founded Ripple but was expelled by the board for installing his girlfriend as an executive with no clear portfolio.IBM is trying hard to make a name for itself in the blockchain space, but this partnership has people puzzled in Toronto. One leading ethereum developer told the Observer, “It’s an also-ran tech company choosing an also-ran token.”

Pressed for an explanation, another developer—a key industry figure and leading cryptographer, who did not want to be identified criticizing a prominent player in the space—detailed to the Observer what he feels is lacking in Stellar.

“It has tech flaws and it has market issues. The tech flaws are that Stellar is hopelessly centralized. They are completely centralized without a plan to decentralize. Worse, their method of adding validators [the mechanism that “unmined currencies” like XRP and XLM use to preserve the integrity of their blockchains] prevents new validators from joining in a meaningful way. New validators become simply trusted repeaters of what Jed says rather than independent validators. In short, they’re effectively stuck as a centralized currency unless they change their fundamental software. So they’ve had zero closed ledgers as a decentralized system, [which means it is] untested. Second, no progress has been made in scaling their blockchain.”

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1 hour ago, JigglyJelly said:

This has nothing to do with ripple, why did you post it?

Take it easy

It was posted in the altcoins and non-ripple fintech section. why troll in this section if you only want Ripple news?

I like to know what others banks, alts and fintechs are doing.

 

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3 hours ago, JigglyJelly said:

This has nothing to do with ripple, why did you post it?

I like to be informed about everything... I don't know, about you, though.:lol:

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This may have some overlap with Ripple, but nothing particularly significant on its face.  We.trade is a DLT/smart contract application for Export/Import finance in particular. 

Quote

We.trade is a digital platform for managing, tracking and protecting trade transactions between SMEs. It harnesses both distributed ledger technology (DLT) and smart contracts: it links the parties involved in trade (the buyer, buyer’s bank, seller, seller’s bank and transporter) and registers the entire trade process, from order to payment, displaying it in an at-a-glance, user-friendly interface, and guaranteeing automatic payment when all contractual agreements have been met. The platform is fully automated and available 24/7, making the order-to-payments process quicker than the traditional exchange of documents.

https://www.gtreview.com/news/fintech/banks-unveil-roadmap-for-we-trade-blockchain-platform/

We.trade doesn't appear to use a native digital asset.

And when you hear IBM, you might ask if Stellar is involved.  I think no.  This IBM project is distinct from the cross-border settlement product that uses XLM as a bridge currency.  (https://www.gtreview.com/news/fintech/ibm-launches-cryptocurrency-cross-border-payments/)

Edited by Simoun
Added link to first article

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