Bitcoin
$37,735.09+2.17%
Ethereum
$2,045.61+1.70%
Binance Coin
$229.63+1.50%
XRP
$0.60854043+1.20%
Solana
$56.35+3.68%
Cardano
$0.38264823+1.48%
Dogecoin
$0.08005574+2.74%
Tron
$0.10289266-1.17%
Toncoin
$2.47+1.17%
Chainlink
$14.43+1.44%
Avalanche
$20.36+0.49%
Polygon
$0.74450667+0.81%
PlayIconNav
Crypto Prices CoinDesk Market Index CoinDesk Market Index
Markets

Commerzbank Tests Blockchain for Managing Corporate Supply Chains

The German bank partnered with chemical companies Evonik and BASF to test blockchain’s use in managing supply-chain processes.

By Jamie Crawley
AccessTimeIconMay 21, 2021 at 9:50 a.m. UTC
Updated Sep 14, 2021 at 12:59 p.m. UTC
Commerzbank branch (Cineberg/Shutterstock)

Commerzbank branch (Cineberg/Shutterstock)

10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Commerzbank joined with chemical firms Evonik and BASF to test the use of blockchain and programmable money in managing supply chains between two companies.

  • Payments were made in a fully automated and digital manner using programmable digital euros based on e-money using Commerzbank’s blockchain platform, the German bank said Friday.
  • The two German chemical companies transmitted data to Commerzbank, which generated a “complete and tamper-proof depiction” of the business processes, with smart contracts validating the transaction.
  • Following the pilot, the firms agreed to expand the project to other supply-chain partners in the coming months.
  • Commerzbank announced in July 2017 it was looking at blockchain technology as a means of digitizing supply chains.
  • BASF’s involvement with blockchain also goes back to 2017, when it revealed it was investigating the potential in tracking the shipment of goods.

See also: US Navy Commissions $1.5M Blockchain System for Tracking Critical Weaponry

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish, a cryptocurrency exchange, which in turn is owned by Block.one, a firm with interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets including bitcoin and EOS. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.