Blockchain: A revolution in trade finance
Shona Tatchell, Barclays:
Hello. We’re about to show you a first for the banking industry.
The current trade finance landscape involves lengthy processes with multiple participants in different jurisdictions, often requiring a significant amount of paperwork, counter-signatures and courier journeys.
The industry has, for some time, needed a solution to prove the authenticity of documents and accelerate the processing of transactions.
Barclays has proactively embraced this challenge and, through the Barclays Accelerator programme, we, and innovative start-up company Wave, have become the first to execute a real, live trade transaction using blockchain technology.
Gadi Ruschin, Wave:
This pilot proves that the Wave network can reduce risk, cost and time taken for international trade transactions by providing a simple and friendly user experience and without the need to change any current workflows.
David O’Rourke, Ornua:
The Wave platform provides full visibility of the documents to all the parties in the trade transaction enabling the speedy transfer of title documents and overall delivers a very positive user experience.
Baihas Baghdadi, Barclays:
The new system could therefore speed up trade transactions, reduce costs for companies around the world, optimise internal processes for banks and reduce the risk of documentary fraud.
Barclays is also seeking to involve other banks in supporting adoption of Wave’s system, with the hope that this can develop into an industry-wide improvement in how trade documentation is managed.