Italian global banking and financial services company, UniCredit S.p.A., has completed its very first transaction with the help of blockchain via platform we.trade, Finextra reports.
The bank has reportedly facilitated a tinplate trade between metal packaging producer Gruppo ASA and its supplier, Steelforce, which is backed by KBC Bank.
According to the report, through the creation of a smart contract on the we.trade platform, payment will be automatically triggered according to the terms agreed by the counterparties once the buyer has confirmed the delivery of the goods.
We.trade is a UniCredit-backed startup that allows to identify & verify trusted counterparties for establishing new commercial relations.
The Head of Global Transaction Banking at UniCredit, Luca Corsini, says the bank believes we.trade can contribute to redefine business relationships among SMEs, removing obstacles that typically make international transactions costly and complex.
The bank has been testing blockchain-based transactions since August 2018.
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