The test enabled two partners, Ornua, an agriculture co-operative, and Seychelles Trading Company, a food product distributor, to successfully transfer trade documentation via a blockchain platform created by its accelerator program graduate, Wave.
The Israel-based startup graduated from the TechStars FinTech accelerator in autumn 2015, at the time indicating it was using custom technology on top of a blockchain to facilitate the transfer of trade documents, according to CoinDesk.
Commenting on benefits using blockchain technology, Barclays’ representative confirms that adding multiple parties to a distributed ledger system is able to remove one of the biggest concearn associated with global trade, the movement of the paper documents that track and authenticate the transactions.
This news follows announcements that a number of major banks are testing applications of blockchain in the global supply chain. Banking consortium R3CEV revealed in August 2016 that 15 of its members had participated in a trade finance trial, while HSBC and Bank of America reportedly embarked on a similar effort.
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