Commerzbank Makes Milestone Blockchain Trade With Logistics Provider
Jack Martin's original article for cointelegraph.com reduced by 48%
Commerzbank and Landesbank Baden-Württemberg have completed another milestone trade on the Marco Polo platform. As reported Aug. 15, on this occasion, logistics provider Logwin AG was integrated into the digital process chain, digitally and in real time.
Another shipment of special hydraulic couplings was delivered using blockchain technology via the Marco Polo trade finance network. For the first time ever this transaction included the integration of logistics provider Logwin with transport details being entered directly into the network. "Now, an independent third-party - in our case the logistics provider - is able to trigger a payment obligation in favour of the supplier." KSB export financing head, Ralph Van Velzen, praised the blockchain integration for ensuring payment commitment becomes effective only if the goods are physically in the hands of the logistics provider, and on their way to the delivery destination.
Commerzbank plans to further push the system by integrating other parties into the trade transaction process.
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