Commerzbank has teamed up with two chemical substances corporations to check a shared blockchain platform for dealing with bilateral provide chain processes in a stay setting.
Basf and Evonik transmitted enterprise process-relevant knowledge to Commerzbank’s blockchain platform with the assistance of the info service supplier Elemica. The platform then generated a whole and tamper-proof depiction of the related enterprise processes in addition to the info after which blockchain was used to automate funds.
For this goal, e-money was made accessible to the companions for buying and selling on the distributed ledger expertise platform. Funds had been processed as soon as the transaction was routinely validated by sensible contracts and thru programmable cash.
Heinz-Günter Lux, senior digital strategist, Evonik Digital, says: “The cost 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 totally autonomous provide chains.”