Corda Blockchain Trade Finance Platform Marco Polo Completes Real-World Transactions
An official news release from Commerzbank indicates that Marco Polo, the trade finance platform of R3, a blockchain consortium, has finished its first real-world transactions. Commerzbank was one of the participants in the trial.
The initiators of the transactions were Tech Group Voith and pump manufacturer KSB SE, which was a pilot scheme for Marco Polo. The orchestrators of the business deal were Tech Group Voith and pump manufacturer KSB SE, which was a trial program for Marco Polo.
One of those business dealings resulted in the delivery of couplings from Germany to China, while another involved delivery of hydraulic pumps within Germany. The banks that facilitated the transaction were the German banking giants Commerzbank and Landesbank Baden-Wuettemburg, while Marco Polo completed the funding operation, with Corda plotting the data flow.
Regarding the benefits of blockchain technology, Nikolaus Giesbert, Commerzbank divisional board member for trade finance and cash management, said “The transaction shows that blockchain technology can offer our customers payment protection and financing using the most modern methods for both cross-border and domestic trade. Here we see a valuable opportunity to develop innovative trade finance solutions together and introduce them to the market.”
Commerzbank as well as other organizations involved in the trial said that they would pursue experiments with the intention of performing the entire handling of transactions using Marco Polo. Marco Polo took time to enter the market in comparison to its key competitors and made their market debut last year with products such as IBM-powered We.trade. A month before, Sumitomo Mitsui Banking Corporation, a future associate of the platform and the second biggest Japanese bank by the way of assets, expressed hopes of marketing it in the initial six months of 2019.