UniCredit Bank completed the first transaction on the experimental blockchain platform We.trade. This became a unique financial operation for Germany, according to the press release.
The transaction involved a German online store Navabi GmbH, which used blockchain to place an order with a Spanish supplier.
We.trade was established by European banks to improvethe effectiveness of cross-border financial transactions. Earlier, the founding banks of the platform, operating on the basis of distributed ledger technology, successfully conducted this type of transaction. It is planned that We.trade will start full-fledged work with international companies before the end of 2018.
WHY IS IT IMPORTANT?
Platform representatives are confident that such transactions are an excellent example of how traditional banks are innovating to meet the needs of their customers.
By conducting various transactions, We.trade demonstrates the strength of blockchain technology in business.