Marco Polo onboards logistics provider Logwin for real-time blockchain-based trade transaction
Wed, 14 Aug 2019, 12:32 pm UTC
Following the successful trade finance pilot carried out in March, Commerzbank and LBBW have once again executed a trade transaction between international technology group Voith and pump and valve manufacturer KSB SE via the Marco Polo, a trade finance network on R3’s Corda blockchain platform.
In addition to Voith and KSB SE, logistics provider Logwin AG was directly incorporated into the digital process chain in real-time.
The transaction saw the companies agreeing to order and delivery data via the Marco Polo network. The terms of payment were secured by an irrevocable payment commitment, triggered through the automated matching of trade data.
According to the press release, the participation of Logwin made it possible to achieve automatic matching of trade data for the first time as it entered the relevant transport details directly into the network. The data transfer for this transaction was executed via the DLT platform simultaneously to the settlement of the real trade transaction.
"For Logwin, participation in the real-time transaction with parallel data transfer has shown just how much potential there is in the DLT technology - how it helps to significantly simplify and accelerate the processes - on the part of the logistics partners as well as their customers”, said Managing Director Lars-Erik Poths and Key Account Manager Konstantin Wunsch at Logwin Air + Ocean Deutschland GmbH.
Enno-Burghard Weitzel, Commerzbank’s Global Head of Trade Finance Products, said that the goal is to expand the Marco Polo network going forward, by onboarding more relevant parties for trade transactions – insurance companies, inspection authorities, local chambers of commerce, and others. This would allow the entire supply chain to be swiftly and digitally mapped.
Earlier in May, Commerzbank executed an international trade transaction via the Marco Polo network in collaboration with Bangkok Bank. More recently, it tested a blockchain-based machine-to-machine payment solution for the first time with Daimler Trucks.
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