Germany’s Commerzbank Announces Blockchain Trade Finance Trial


German banking establishment Commerzbank is trying to digitize the commerce finance course of utilizing blockchain.

The financial institution mentioned yesterday in a launch that it’s working with the Fraunhofer Institute for Material Flow and Logistics (IMI), a consultancy agency with operations in Germany, Spain and China.

The focus of that partnership, in accordance with the 4th July announcement, is the pursuit of “new processes and provides latest insights into the future of physical supply chains as well as the future deployment of blockchain based technology in this area”.

Dr. Bernd Laber, the financial institution’s group government for company commerce finance and money administration, mentioned in an announcement:

“We are working on several projects and in a number of consortiums also with other international banks on the digitisation of bank products and bank services, and on applications for blockchain technologies. As a corporate bank the focus on future supply chains of our customers is of paramount importance and we will develop this in co-operation with Fraunhofer Institute.”

Commerzbank, which has explored the tech by means of business initiatives just like the R3 distributed ledger consortium, will “develop scenarios for future supply chains” alongside IMI, although the analysis schedule and timeline is not precisely clear.

The financial institution previously took part in a blockchain trial centered on business debt. That R3-led mission additionally concerned fellow banks ABN Amro, ING and KBC. Commerzbank first joined the R3 effort within the fall of 2015.

The chief in blockchain information, CoinDesk is an impartial media outlet that strives for the best journalistic requirements and abides by a strict set of editorial policies. Have breaking information or a narrative tip to ship to our journalists? Contact us at [email protected].

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