UBS, IBM Add Four Banks to Blockchain Project

Bank of Montreal, CaixaBank, Commerzbank and Erste Group join trade finance blockchain platform inititative.

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Pilot testing for the Batavia blockchain platform is expected to start early next year.

The Batavia platform initiative started in mid-2016 with the objective of creating multi-party, cross-border trading networks for trade finance, developed using the Hyperledger Fabric Blockchain framework, which IBM has been involved in developing.

The addition of BMO, CaixaBank, Commerzbank and Erste Group to the group follows a successful proof-of-concept (PoC) development last year conducted by UBS and IBM. The six firms will collaborate on the platform’s development, with the goal of

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