Deloitte has unveiled a new trade finance proof-of-concept, a milestone that helps to bring the total number of blockchain projects in its portfolio to more than 30.
Called Deloitte Mercury, and revealed formally at CoinDesk’s Consensus 2017 conference in New York today, the platform uses a blockchain-based infrastructure to explore newer models of credit and funding guarantees, representing and codifying obligations between parties via smart contracts.
Notably, the effort is being positioned by the professional services firm as one that could have the biggest impact on enterprise firms. Already, Deloitte is testing Mercury with the Hong Kong Monetary Authority (HKMA), as well as a slew of partner banks in Asia.
Still, as Deloitte principal Eric Piscini articulated, the idea is to grow the Mercury platform even further, to encompass more participants along the global supply chain.
Piscini told CoinDesk:
“This is the expansion on that foundation. We need participation in Europe, Asia and to expand the platform.”
In the months ahead, Piscini said Deloitte will be working to send real transactions on the platform, which to date it has not done as part of its work with HKMA. Despite the increasing work on the use case, only a few trade finance trials have yet graduated to this point.
Deloitte believes that adoption is around the corner, however, given that the platform can reduce costs and open up new revenue opportunities.
Elsewhere at Consensus 2017, Deloitte showcased a number of other technical platforms built on blockchain tech, including ‘Regchain’, a regulatory reporting platform it believes could become a significant tool in its arsenal.
Also demonstrated were technical builds focused on know-your-customer regulations, real estate leasing and mutual fund administration.
Sea freight image via Shutterstock; Mercury logo image via Deloitte