On January. iii Spain-based CaixaBank added the blockchain-powered finance platform We.trade to its list of services. CaixaBank has at present become one of the commencement banks in Europe to provide its customers access to blockchain technology.

Launched in 2022, Nosotros.merchandise is a finance platform powered by IBM's blockchain applied science. Information technology was developed past a consortium of xv financial institutions from around Europe, like UBS and Societe Generale, and information technology works to provide businesses with a digital, trustless platform for verifying financial data. We.trade's open API architecture lets it track and trace goods shipped past whatever of the 400 logistics companies throughout Europe who are as well using the platform.

Nosotros.trade uses blockchain to facilitate the transaction process for suppliers and buyers on a single, shared platform. Nosotros.trade generates smart contracts that link the trading operation with the financing or payment that prevents whatsoever default risk for companies, which tin can increase business organization globalization.

While CaixaBank joined the We.merchandise consortium in Oct. 2022, the leading Spanish bank is giving its 15.8 meg customers access to We.trade for purposes of making the earth's transactions more than traceable and secure.

In the company's latest printing release, CaixaBank explains:

"Specifically, the solution provides real-time monitoring of transactions, which increases transparency throughout the process. Since it is a platform which can simply be accessed past customers who are verified and authenticated by the fellow member banks, the security and trust chemical element of the transactions is very high."

IBM as well points out in a company weblog postal service that the banks part of the We.trade network are working to solve a specific problem, which is to grant small- and medium-sized businesses access to trade financing. This volition let these companies abound their businesses, expanding into new markets and forging new trading partnerships.

IBM notes that Nosotros.trade is compliant with the requirements of each bank's country, equally well as the European Union. We.trade as well operates within the context of complex global regulatory requirements including the Eu General Data Protection Regulation (GDPR), and within the individual requirements of each of the fellow member banks.