The new trade platform, called Batavia, is based on blockchain technology and designed to be openly accessed by organizations of all sizes anywhere in the world. Initiated by UBS and IBM, it will support trade finance for transactions across all modes of trade, be it goods transported by air, land or sea. The technology will automatically release payments incrementally along each step of the shipping process.
Batavia can also interact with Internet of Things sensor data or user input, making it possible to locate goods anywhere in the shipping process. Overall, this will enable greater transparency and better connect all parties in a trade transaction. Batavia will also save time and reduce costs.
Several banks have now joined the project. According to a statement, these include the Austrian company Erste Group, as well as the Bank of Montreal from Canada, CaixaBank from Spain and Germany’s Commerzbank. The first pilot transactions with customers will be carried out on the Batavia platform in early 2018.
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