Blockchain-powered Finance network we.trade partners with IBM

we.trade, a blockchain-enabled trade network has now revealed a strategic partnership with IBM.

The partnership project aims to accomplish network improvement and advancement of the platform across the globe popularization.

we.trade started with nine banks in January 2017 and offers integrity, reliability, and security to global trade transactions across logistics, insurance, and trade finance.  The platform helps in automating trade finance processes and provides access to credit rating, insurance, and logistics services.

we.trade network allows traders to manage order payment, initiate orders, attain financing, and search the network for trading partners.

Executive Opinion

Ciaran McGowan, CEO, we.trade, said, "No other distributed-ledger based platform for trade has moved so rapidly to deliver value for member organizations and their customers. The enthusiasm for this platform underscores the need to continue to invest and expand access to a growing number of organizations."

Jason Kelley, GM Blockchain Services, IBM, said, "The strategic direction for we.trade and IBM is focused on driving growth and transparency across the entire trade ecosystem, collaborating to enhance the network effect of blockchain, and expanding access to trade finance and other services to the market place. Innovative technology and new pricing structures will help more banks align with internal production controls using their choice of cloud services. Meanwhile, we.trade aims to help banks create new trusted trade corridors and expand markets by interconnecting with other regional trade services platforms."

IBM and we.trade Partnership

European banks and businesses collaborate to create a transparent and secure environment on the we.trade network. It also helps developing firms in widening their market reach.

The company will expand its services to more banks in Europe, starting from July 2020, notes the announcement. The services will be extended to Asia as a part of global expansion.

we.trade already integrates with Hong Kong-based a blockchain-based trade finance, eTradeConnect. The company will continue to interoperate with different distributed ledger-based trade finance networks, notes the announcement.