Major German Bank Tests Blockchain-based Payment System
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Aug. 8, 2019
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Commerzbank AG, which is a major German bank, has announced it tests a blockchain-based platform for machine-to-machine payments.

Commerzbank finances approximately 30%of Germany’s foreign trade and is the leading finance provider for corporate clients in Germany.

According to the published press release, the bank issued euros via blockchain and provided a truck system called Daimler Trucks with "cashon ledger" to process the payment.

The bank points out thanks to the blockchain tech, machines are increasingly interconnected with each other and operating with rising degrees of autonomy.

Stephan Müller, Divisional Board Member Transaction Banking, Commerzbank, says after having completely digitized securities transactions in past pilot projects, the focus is now shifting to DLT-based payment structures.

"As a bank we see our mandate as creating new digital paymentarchitectures for our clients," he added.

Earlier iHodl reported that a bitcoin payment service provider BitPay stopped offering its services to clients from Germany to comply with all mandated federal and local regulations.

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