Commerzbank has teamed up with two chemical compounds corporations to check a shared blockchain platform for dealing with bilateral provide chain processes in a dwell surroundings.
Basf and Evonik transmitted enterprise process-relevant knowledge to Commerzbank’s blockchain platform with the assistance of the information service supplier Elemica. The platform then generated a whole and tamper-proof depiction of the related enterprise processes in addition to the information after which blockchain was used to automate funds.
For this goal, e-money was made obtainable to the companions for buying and selling on the distributed ledger know-how platform. Funds have been processed as soon as the transaction was routinely validated by good contracts and thru programmable cash.
Heinz-Günter Lux, senior digital strategist, Evonik Digital, says: “The fee course of through blockchain and via programmable cash alongside our current course of chains is certainly extra clear, faster and extra dependable. It is a crucial constructing block in direction of the event of absolutely autonomous provide chains.”