Major European Banks Collaborate on a Trade Finance Blockchain
- Deutsche Bank, HSBC, KBC, Natixis, Rabobank, Société Générale and UniCredit will develop a Digital Trade Chain.
A consortium of seven of the largest banks in Europe has reached a deal to co-develop a new shared Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term platform that aims to make domestic and cross-border commerce easier for small and medium-size (SME) businesses.
To unlock the Asian market, register now to the iFX EXPO in Hong Kong
The group which includes Deutsche Bank, HSBC, KBC, Natixis, Rabobank, Société Générale and UniCredit, signed a Memorandum of Understanding (MOU) Memorandum of Understanding (MOU) A memorandum of understanding (MOU) is defined as a nonbinding agreement between two or more parties that outlines the terms and details of an understanding. This includes each parties’ overall requirements and responsibilities. An MOU is seen as the first stage in the formation of a formal contract between two or more parties. These contracts are used throughout many industries, between companies, authorities, regulators, and individuals.At its core, an MOU is not legally binding though is view A memorandum of understanding (MOU) is defined as a nonbinding agreement between two or more parties that outlines the terms and details of an understanding. This includes each parties’ overall requirements and responsibilities. An MOU is seen as the first stage in the formation of a formal contract between two or more parties. These contracts are used throughout many industries, between companies, authorities, regulators, and individuals.At its core, an MOU is not legally binding though is view Read this Term) in Brussels under which they intend to collaborate on the development and commercialization of the new product, called Digital Trade Chain (DTC).
This new product aims to simplify trade finance processes for SMEs, for whom documentary credit is not always suitable, by addressing the challenge of managing, tracking and securing domestic and international trade transactions. The developers also say that by maintaining secure records on a digital distributed ledger, DTC will accelerate the order-to-settlement process and decrease administrative paperwork significantly.
The consortium members will initially focus on building critical mass for DTC in seven European markets: Belgium and Luxembourg (KBC), France (Natixis, Société Générale), Germany (Deutsche Bank, UniCredit), Italy (UniCredit), the Netherlands (Rabobank) and the UK (HSBC).
A consortium of seven of the largest banks in Europe has reached a deal to co-develop a new shared Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term platform that aims to make domestic and cross-border commerce easier for small and medium-size (SME) businesses.
To unlock the Asian market, register now to the iFX EXPO in Hong Kong
The group which includes Deutsche Bank, HSBC, KBC, Natixis, Rabobank, Société Générale and UniCredit, signed a Memorandum of Understanding (MOU) Memorandum of Understanding (MOU) A memorandum of understanding (MOU) is defined as a nonbinding agreement between two or more parties that outlines the terms and details of an understanding. This includes each parties’ overall requirements and responsibilities. An MOU is seen as the first stage in the formation of a formal contract between two or more parties. These contracts are used throughout many industries, between companies, authorities, regulators, and individuals.At its core, an MOU is not legally binding though is view A memorandum of understanding (MOU) is defined as a nonbinding agreement between two or more parties that outlines the terms and details of an understanding. This includes each parties’ overall requirements and responsibilities. An MOU is seen as the first stage in the formation of a formal contract between two or more parties. These contracts are used throughout many industries, between companies, authorities, regulators, and individuals.At its core, an MOU is not legally binding though is view Read this Term) in Brussels under which they intend to collaborate on the development and commercialization of the new product, called Digital Trade Chain (DTC).
This new product aims to simplify trade finance processes for SMEs, for whom documentary credit is not always suitable, by addressing the challenge of managing, tracking and securing domestic and international trade transactions. The developers also say that by maintaining secure records on a digital distributed ledger, DTC will accelerate the order-to-settlement process and decrease administrative paperwork significantly.
The consortium members will initially focus on building critical mass for DTC in seven European markets: Belgium and Luxembourg (KBC), France (Natixis, Société Générale), Germany (Deutsche Bank, UniCredit), Italy (UniCredit), the Netherlands (Rabobank) and the UK (HSBC).