Gypsy News - European banks will offer in cooperation with IBM Blockchain Technology for medium sized businesses.

Seven of the largest banks in Europe have started a cooperation with the American IT giant IBM. Together they want to create a finance trade platform for small and medium-sized enterprises in Europe based on the blockchain technology. This is the decentralized database technology that makes Bitcoin and Ethereum possible.

IBM will build and operate the new cloud-based finance platform for the Digital Trade Chain Consortium. The Digital Trade Chain Consortium includes seven banks, as of Deutsche Bank, HSBC, KBC, Natixis, Rabobank, Société Générale and Unicredit. Together they will serve the aim to make the cross-border trades of small and medium-sized enterprises (SMEs) more simple and more transparent.

The solution of using blockchain technology is designed to reduce transaction costs and increase transparency for small and medium-sized enterprises.

The current code of practice of trading finance has hardly changed since the time of the Venetian merchants of the 16th century, it is still way to circuitous. Companies normally have to wait weeks until they are paid for their goods.

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