Commerzbank, one of the participants in Blockchain consortium R3’s trade finance platform, confirmed in a press release that Marco Polo has completed its first real transaction.
Built on the R3 enterprise blockchain platform Corda, Marco Polo successfully facilitated a transaction between Germany and China, and involved two German firms – Tech group Voith and pump manufacturer KSB SE.
These firms were the initiators of the transactions as part of the pilot scheme for Marco Polo.
The first transaction saw couplings being delivered from Germany to China and the second saw the delivery of hydraulic pumps solely within Germany.
German banking giants Commerzbank and Landesbank Baden-Wuettemburg facilitated the operation, while the financing operation closed on Marco Polo with Corda mapping the flow of information.
Commerzbank’s divisional board member for trade finance and cash management, Nikolau Giesbert said in the press release,
“The transaction shows that blockchain technology can offer our customers payment protection and financing using the most modern methods for both cross-border and domestic trade,” adding,
“Here we see a valuable opportunity to develop innovative trade finance solutions together and introduce them to the market.”
Commerzbank and the other entities involved in the pilot stated that they will move forward with experimentation, aiming to carry out entire transaction processes using Marco Polo.
Experimentation will continue with the aim of carrying out the entire transaction processes using Marco Polo, as stated by Commerzbank and other entities in the pilot.
Marco Polo was launched in 2017 and is a bank-focused network of platforms offering ERP-embedded trade and working capital finances to their corporate clients. It is one of the fastest growing trade finance networks. It is a joint undertaking with trade finance technology firm TradeIX, working with enterprise software firm R3 and a network of the world’s leading financial institutions.
This article was originally sourced from CoinTelegraph.