Commerzbank carries out new blockchain trade with logistics provider Logwin

Friday 16 August 2019 09:37 CET | News

Germany-provider Commerzbank and Landesbank Baden-Württemberg (LBBW) have completed a new trade transaction on the Marco Polo platform.

Logistics provider Logwin AG was integrated into the digital process chain, digitally and in real time. As with an earlier transaction, the trade took place between German supplier, KSB, and Taiwanese mechanical engineering group, Voith. Another shipment of special hydraulic couplings was delivered using blockchain technology via the Marco Polo trade finance network. However, for the first time ever this transaction included the integration of logistics provider Logwin with transport details being entered directly into the network. LBBW international trade and payment solutions head, Matthias Heuser, explained:

Commerzbank plans to further push the system by integrating other parties into the trade transaction process. These might include insurance providers, inspection authorities and local chambers of commerce.

The Marco Polo network is built on R3’s Corda distributed ledger technology platform. As Cointelegraph reported yesterday, R3 has embarked on an aggressive expansion program, and plans to open a new Dublin office in early 2020.

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Keywords: Commerzbank, Logwin, Landesbank Baden-Württemberg, trade finance, trade transaction, Marco Polo, Germany, LBBW, Marco Polo platform, blockchain, distributed ledger technology
Countries: World