By using a strong, secure, authorised and closed network, enabled through blockchain, it will enable the customer to initiate transactions digitally, be it online or through mobile devices, and then be able to track those transactions all the way through from commitment to pay, settlement, notification, and so on.'īetts said he hoped to have a version of the project launched to clients by the end of the year. International trade is currently a disparate and convoluted process where each party deals directly with generally only one other participant, rather than seeing the whole process.īetts says: 'What we're trying to do is get something that is simple, fast, efficient, and secure for customers to be able to trade within a secure platform. We really, genuinely pool our resources and expertise in terms of what we know about this technology so we can generate benefits for clients.'ĭTC is based on a prototype trade finance tool developed by Belgian bank KBC, which uses blockchain technology to connect all parties involved in international trade - buyers, sellers, transporters, banks financing the deals on either side etc. We've been advocates of the industry working together and blockchain has been very much front of mind. All the banks participating in the DTC project are equal investors and have each put in a six-figure sum.Īndrew Betts, Head of Global Trade and Receivables Finance at HSBC, told Business Insider: 'What we like very much is the collaboration approach. Seven major banks have signed up to a new project aimed at increasing global trade among small and medium-sized businesses using blockchain, or distributed ledger, technology.ĭeutsche Bank, HSBC, KBC, Natixis, Rabobank, Société Générale and UniCredit have all signed up to a Memorandum of Understanding, signalling that they will work together to develop and commercialize a new product called Digital Trade Chain (DTC). Blockchains give a continuous view of a transaction with each stage connected to the last.

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