New consortium. Seven European banks to create a shared blockchain platform
Seven large European banks announced their plans to create a new consortium intended for the development of a shared blockchain-based platform. It is reported by Finance Magnates.
Participants, including Deutsche Bank and UniCredit, met in Brussels to sign the memorandum on cooperation.
The platform, called Digital Trade Chain, is meant for small and medium-sized businesses. It will solve a number of problems of domestic and international commerce. To be more precise, it will secure transactions and expedite the process of orders making and calculation. Banks are planning to substantially reduce the volume of paperwork when signing deals.
Banks of Western Europe will be the first to use the platform. Players of other markets will also use it in the long run.
First results can be expected by the end of the year.