German specialty glass manufacturer Schott and Thai packaging manufacturer A.P.A. Industries participated in the capacity of exporter and importer, respectively. The transaction involved supply of glass tubes from Schott to A.P.A. Industries. The order and delivery data were agreed between the companies via the Marco Polo network and payment was secured by a conditional payment commitment from Bangkok Bank, the buyers bank.
According to the official release, the entire flow of information was mapped via R3’s Corda DLT platform in an efficient and comprehensible manner. Through specially set up digital nodes, all the four involved parties were able to communicate and view trading data simultaneously.
Launched in 2017, Marco Polo, which counts over 20 banks from across the globe as its members, leverages R3’s Corda blockchain technology and the TradeIX distributed trade finance platform to enable members to offer to their customers new solutions, facilitate easier integration and significantly reduce response-time in transactions.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now
We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the The Paypers website, they in no way represent the opinion of The Paypers.