we.trade announced an important and enhanced collaboration with IBM becoming a seven percent shareholder. This collaboration is crucial as it will enable and facilitate network enhancements while accelerating the global commercialization of the digital platform.
Note that we.trade is a blockchain-based platform, developed on the latest iteration of the IBM blockchain platform. Many of the leading international banks, such as HSBC, UBS, Deutsche Bank, Société Générale, CaixaBank, Santander, and Erste Group, among others, also support we.trade. we.trade seeks to make global trade faster and more effective and efficient.
Initially called Digital Trade Chain, we.trade started with nine banks in January 2017. In October 2017, the company changed its name officially to we.trade. The company has developed a robust digital trade platform. This platform is on the Hyperledger Fabric from Linux Foundation and operates on the IBM blockchain platform. Many banks such as Deutsche Bank, CaixaBank, Erste Group, KBC, HSBC, Nordea, and Rabobank, back the trading platform.
According to Ciaran McGowan, CEO of we.trade, no other trade platform based on distributed ledger has moved so quickly to deliver immense value for its member organizations as well as their customers as we.trade. He emphasized that now the company has a strong and meaningful partnership with IBM, and it will help in scaling globally. we.trade is also working closely with IBM on Asian, Latin American, and African markets.
From July 2020, we.trade is looking to extend services to many new banks and clients throughout Europe, and then it will expand the network internationally, beginning with Asia.
According to Jason Kelley, GM of blockchain services for IBM, the new strategic direction for IBM and we.trade is fully focused on fuelling more growth, efficiency, transparency, and trust across the whole trade ecosystem. IBM Blockchain is collaborating to improve the overall effect of blockchain and expand access to trade finance and other services to the global marketplace.
IBM Blockchain, recognized as the leading enterprise blockchain provider, is not only changing business, and industries, but also the world. IBM Blockchain is a lot more than just technology. Blockchain technology redefines the most important business relationships by facilitating trust, transparency, efficiency, and newfound collaboration.
The firm’s research, business, and technical experts have effectively broken many barriers when it comes to transaction processing speeds. They have also developed the most advanced cryptography to secure transactions. The company is also contributing millions of lines of open-source code for advancing blockchain for businesses.
we.trade is one of the leading digital platforms that initially targeted SME and SME trade within Europe. The platform helps directly address the exporter’s risk of cross-border trade, enables financing, and allows them to monitor the transactions easily. we.trade also helps connect sellers, buyers, banks, insurance companies, and logistics organizations in a cohesive network that intends to simplify and facilitate cross-border trading. We.Trade is one of the biggest blockchain-enabled trade networks, built on the latest iteration of the IBM blockchain platform.