Commerzbank and Landesbank Baden-Württemberg (LBBW) announced two successful commercial transactions via data transfer between Voith and KSB using the trade finance network Marco Polo on R3’s Corda blockchain platform.This first time success of digital processing represents an important milestone for The Marco Polo Project.
As part of a pilot project, two commercial transactions between the global tech firm Voith, and giant pump and valve manufacturer KSB SE were mapped using blockchain technology. One transaction involved the delivery of special hydraulic couplings from Germany to China and the other the delivery of pumps within Germany.
Powered by an open banking API and the Corda blockchain technology, the Marco Polo Network is the fastest growing trade network connecting banks, corporates and third party service providers through an unparalleled network of nodes enabling the seamless execution of their working capital and trade finance activities.
Nikolaus Giesbert, divisional board member for Trade Finance & Cash Management at Commerzbank, commented on their success. “The transaction proves that blockchain technology offers our clients state-of-the-art financing for trade transactions. We see a valuable opportunity here to work together to develop and bring to the market innovative trade finance solutions.”
For them, the next step will be to focus on the complete execution of transactions via the Marco Polo network with a direct connection to the customers’ management systems (ERP integration) in order to offer customers a seamless process.
The network is said to be planning an expansion to more banks and participants from the transportation and insurance sectors so that the entire value chain for foreign trade transactions can be represented digitally with data.