IBM has been awarded the contract to build a blockchain based digital trading system for an international consortium. This means, IBM will be creating a very large new user for the Hyperledger platform, as well as building in a large client for its own services.
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.
Estimates show that blockchain could save the banking industry as much as $20 billion per year. As new applications for the financial industry continue to develop, more institutions will be rushing to take advantage of the benefits it has to offer.
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