Banks’ blockchain consortium picks IBM for trade finance platform– ca.style.yahoo.com

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Excerpt from ca.style.yahoo.com

Tech giant IBM is building a blockchain-based platform for seven big European banks, including HSBC and Deutsche Bank, that is aimed at simplifying trade finance transactions for small- and medium-sized companies. Trade finance was identified by a survey of banks carried out by IBM and the Economist Intelligence Unit last year as one of the top areas where blockchain – the underlying technology behind bitcoin – could have an impact. Blockchain technology provides an electronic record-keeping and transaction-processing system, which lets all parties track documentation through a secure network and requires no third-party verification.