The first live trading operation is completed with the Blockchain platform. Batavia, a Blockchain-based platform that represents the partnership of Swiss investment bank giant UBS and IBM, has announced that it has completed its first cross-border transactions involving corporate clients.
Blockchain platform successfully exchanges goods
On Thursday, it was announced that in the pilot implementation, the platform was able to successfully negotiate goods and automatically settle contracts and close payments in a process supported by smart contracts and transactions recorded on a Blockchain
The platform carried out two trades: car sales from Germany to Spain and textile raw materials sold to Austria from Austria. The platform united the suppliers, buyers and financial institutions needed to facilitate operations. Jason Kelly, general manager of IBM Blockchain Services, said:
Members of Batavia once again showed how cross-border trade can be done quickly through Blockchain. By introducing transparency into the financial system with this method, we will ensure that transactions are carried out quickly.
Batavia aims to grow further after the project
Initially introduced by UBS at a banking conference in Geneva, Italy, in 2016, Batavia was established as part of IBM's Blockchain service project. Later, the system joined several large banks to advance technological development, including the Bank of Montreal, Caixa Bank, Commerzbank and Erste Group.
Batavia aims to grow further after the successful project. The company is expected to collaborate with new Blockchain and crypto-money companies and larger financial institutions in the future.
