IBM to Test Blockchain in International Trade

IBM Blockchain to streamline international trade in Japan
IBM Blockchain Partners with Mitsui O.S.K. Lines to streamline trade with Hyperledger Fabric

IBM Hyperledger Fabric

IBM has been working on using blockchain to develop ledgers to streamline supply chains and international trade. Their product, IBM Blockchain, uses hyperledger fabric to monitor trade transactions for multiple parties in any area of the world. The product will integrate with trade agreements, logistics, insurance, and other documents to streamline storing and sharing of information to facilitate trade.

 

Mitsui OSK Lines Includes IBM for Proof of Concept

Mitsui OSK Lines stated

“The test is intended to verify the effectiveness of blockchain for enhancing security and reducing the time required to settle cross-border trade transactions, discrepancies among related documents and administrative costs.”

The proof of concept  is aimed to increase competitiveness and streamline MOL’s  international trade logistics. Along with IBM and MQL, the project includes Sumitomo Mitsui Financial Group, the Japan Research Institute, and other divisions of the Mitsui Group.  The test will allow MOL to see real-time transactions made using IBM’s blockchain based application thus bringing a plethora of benefits to currently outdated trade systems. Sumitomo Mitsui Financial Group has also successfully tested a blockchain ledger technology to streamline financial transactions within a consortium of Japanese financial firms.

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About Bill Tracy 15 Articles
Financial analyst and bitcoin enthusiast covering altcoin news and government policy for Altcoin Report.