An important number of European banks decided to test an IBM-powered blockchain platform. The banks announced that they were able to complete a series of cross-border financial trades after working on the development of the network.
European Banks Try Blockchain Technology
The information has been announced on Tuesday by the banks, where they informed that the live transactions were performed over the last 10 days. In order to test the network, four banks facilitated 10 companies that were involved in testing the platform. 
For example, HSBC announced that three of its clients were part of the test. The name of the network is known as we.trade and is built on top of IBM’s Blockchain Platform. We.trade was established by important banks such as Deutsche Bank, HSBC, KBC, Natixis, Nordea, Rabobank, Sanander, Société Générale and UniCredit. The main intention behind it is to boost efficiency of cross-border financial institutions.
Parm Sangha, IBM’s blockchain lead in Europe, said in the announcement:
“As we.trade has moved from pilot applications to conducting live transactions across borders, it has demonstrated the power of blockchain technology in an enterprise setting.”
At the moment, we.trade is operating in 11 different countries in the European continent. Roberto Mancone, the platform’s chief operating officer, says that the next phase will include participants ‘getting buy-in from additional banks’ and customers in Europe and other countries.
Different banks all over the world are starting to embrace blockchain technology to improve services and products. At the same time, the technology may help other institutions to remain competitive in a very hard financial market.
For example, JP Morgan, one of the most important financial institutions all over the world was able to create its own blockchain platform that is being used by other companies as well. At the same time, the Bank of America, said that if it does not embrace and invest in distributed ledger technology it may fall behind other competitors like digital currencies or other start ups that are working with financial solutions.
