Turkish commercial bank, Isbank, has set a new milestone after successfully conducting its first blockchain-based international trade finance. The first recorded transaction was contracted between Isbank, Commerzbank, Kuraray Europe GmbH, and Sisecam on May 27, according to a Tuesday report by Anhanews.
For the transaction, the partnering banks used a platform developed by Marco Polo and based on R3’s Corda blockchain, since the platform promotes transparency, safety, and financial protection for organizations.
Unlike open blockchain infrastructures, Marco Polo’s trade finance platform is built on a private chain that conceals private information about transactions from the general public; the information is available to participants.
According to Sahismail Simsek, the Deputy General Manager at Isbank, adopting Marco Polo’s solution will promote operational speed in international trade and increase transaction security.
He described blockchain as a revolutionary solution for the foreign trade supply chain which will eventually be adopted widely. Simsek added:
We aim to present new experiences to our customers by taking part in new technological development in the world and by developing products for the financing of international trade and supply chains over blockchain technology.
Meanwhile, Isbank holds the record as the first Turkish bank to become a member of the R3 Corda blockchain platform which currently hosts more than 300 participants from both public and private sectors under its extensive ecosystem.
In a similar development, Coinfomania reported in 2019 that the Singapore branch of CIMB Bank Berhad also completed its first structured international trade finance on the DLT by utilizing iTrust’s Blockchain and Internet of Things (IoT) platform;