IBM Blockchain, Based On Hyperledger, Finalizes First Commercial Inter-Bank Transactions
we.trade is a financial platform which aims to create something similar to XRP, if you want. In other words, it aims to create frictionless bank transfers cross-countries, using blockchain. It was set up by a consortium comprising: Deutsche Bank, HSBC, KBC, Natixis, Nordea, Rabobank, Santander, Societe Generale and UniCredit.
Today, we.trade confirmed that the first live trades have taken place on the platform. Over the last 5 days, 20 companies have executed trades, via 5 banks.
According to a press release published by one of the founding banks, the Dutch Rabobank
These trades signify the first commercially viable open account trades harnessing blockchain technology.
we.trade is available for now in 9 countries: Belgium, Denmark, Finland, France, Germany, Italy, the Netherlands, Norway, Spain, Sweden and the UK.
In my humble opinion, this is a great proof that the blockchain technology, used cleverly, can bring about tremendous growth.
But on the other hand, using it on top of traditional banking approaches (which means centralized printing of money) is a big step back.
It's like that story from the book "The Prince and the Pauper", when the kid who switches places with the Prince, uses a plain gold thing... to crack nuts.
Banks are under-using this fabulous technology, and they only seek to leverage their existing advantage, whereas the biggest asset of the blockchain is lack of centralization and the access to a distributed, tokenized economy, in which the role of the middle man is drastically reduced.
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
Wanna know when you're getting paid?
|
I know the feeling. That's why I created steem.supply, an easy to use and accurate tool for calculating your Steemit rewards |
That was very well explained man! Banks are bound to under-use this technology because in a way it would undermine there existing leverage. The monopoly they hold over the financial system comes under threat with the decentralizing nature of the blockchain protocols.
For example, if this comes to be utilized fully they cannot justify the commission they take take on the transactions. Even if they try to take the cost of maintaining the servers it would be negligible compared to the larger scheme of things. This is just one example and and there are so many others ..........
Centralization may happen but gradually... This news will definitely boost the confidence in Blockchain technology.
I did not know, and well I am leery to find out about this because I feel that this will make the big ones take power and centralize the coins.
Eventually banks would use the blockchaing, the thing is that they want to be on control of it.
I sincerely followed your update, and this is a good one, but the problem is, will banks welcome this new development, we are looking at a decentralized banking system, it's against the rule of power you know. Hope am on track. You can enlighten me the more.
Besides, the blockchain is banned in other countries.
Great room of the growth in blockchain this could act as a catalyst for the boom in growth too
This is very good news , thanks fir your update .
Good job , carry on .
Thanks for sharing @dragosroua
Upvote you .
Good news. Blockchain looks so teliable and safe.
I welcome the advance, as it is a sign that the blockchaing is safe and reliable.
Yeah Its Really Great New, Congratulation sir.