UniCredit Bank carried out first blockchain transaction

UniCredit Bank, one of the major banking and financial service company in Europe, has conducted its first international transaction on the blockchain. Press-release of the bank informs August 2 that corporate client of UniCredit, online retailer navabi GmbH, made a deal with Spanish supplier via blockchain-based trade platform We.trade.

The transaction was successfully transferred through the net

The transaction was successfully transferred through the net

Banco Santander SA, the large Spanish banking group, has helped to carry out the transaction. We.trade platform was built by UniCredit and eight European banks, including Deutsche Bank, HSBC, KBC, Natixis, Nordea, Rabobank, Santander and Société Générale to enable instant cross-border trade. The platform is based on the IBM Blockchain Platform powered by Hyperledger Fabric.

"As we.trade has moved from pilot applications to conducting live transactions across borders, it has demonstrated the power of blockchain technology in an enterprise setting,"

said Parm Sangha, GBS Blockchain Leader, IBM.

"We.trade is a success story in bank collaboration and we are delighted to announce our first transaction. Over time, we are confident that the platform will redefine trade relationships between SMEs and increase the connectivity of the financial ecosystem as a whole - something our clients stand to firmly benefit from,"

comments Gianfranco Bisagni, UniCredit's Co-Head of Corporate and Investment Banking.