we.trade, a  blockchain-based platform that makes international trade faster and more efficient, announced an enhanced collaboration with IBM which will enable network enhancements and accelerate the global commercialization of the platform. IBM has also become a new shareholder along with the 12 existing bank shareholders.

World Password Day – Identity and Access Management Solutions for Remote Working

Already one of the largest blockchain-enabled trade networks in production, we.trade is designed to improve the trade finance lending process, supporting companies as they grow their business and expand into new markets. Over the last few months, we.trade has seen momentum continue to build as companies move to replace paper-based trade finance processes with a digitized solution.

Starting July 2020, we.trade will extend services to additional banks and clients across Europe before expanding the network globally, starting with Asia. At the same time, work will continue to help enable us .trade to interoperate with other distributed ledger-based trade finance networks, such as the work already completed with Hong Kong-based eTradeConnect, a blockchain-based trade finance platform formed by 12 Asian banks.

In the current climate, improving access to trade finance is critical to economic recovery. With the disruption in many services that support traditional trade finance methods, there’s now an added incentive for international trade to go digital, including embracing platforms that offer digitized versions of once manual business processes to ensure signatures, contracts, and trade financing agreements can be virtually linked.

“No other distributed-ledger based platform for trade has moved so rapidly to deliver value for member organizations and their customers,” said Ciaran McGowan, CEO, we.trade. “The enthusiasm for this platform underscores the need to continue to invest and expand access to a growing number of organizations.”

Built on the latest version of the IBM Blockchain Platform, we.trade is backed by some of the world’s top banks including CaixaBank, Deutsche Bank, Erste Group, HSBC, KBC, Nordea, Rabobank, Santander, Société Générale, UBS and UniCredit. It is designed to connect buyers, sellers, banks, insurers, and logistics organizations in a network that simplifies cross-border trading.

Top 4 RPA Trends to Look Out For

we.trade helps automate many of the processes around trade finance, as well as provide traders with access to insurance, credit rating, and logistics services. Once on the network, traders can initiate orders, manage the order-to-payment process, and attain financing. They can also search the network to discover new trading partners.

A new IBM Institute for Business Value1 survey of more than 1,000 organizations globally found respondents said that accessing new markets is among the top motivating factors to join an existing blockchain network such as we.trade. Meanwhile 64 percent of respondents indicated that reducing friction in current processes and services was a top reason for using blockchain technology to augment existing trade digitization investments.