A big bank trade finance trial has borne fruit.
reported today that two partners (agriculture co-operative Ornua and food product distributor Seychelles Trading Company) were able to successfully transfer trade documentation via a blockchain platform created by its accelerator program graduate, Wave.
The Israel-based startup graduated from the TechStars FinTech accelerator last fall, at the time indicating it was using custom technology on top of a blockchain to facilitate the transfer of trade documents.
In statements, Barclays head of trade and working capital Baihas Baghdadi said the project confirms that adding multiple parties to a distributed ledger system can remove one of the biggest "headaches" associated with global trade, the movement of the paper documents that track and authenticate the transactions.
The announcement follows news that a number of major banks are testing applications of blockchain in the global supply chain.
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