Commerzbank Tests Blockchain for Managing Corporate Supply Chains
The German bank partnered with chemical companies Evonik and BASF to test blockchain’s use in managing supply-chain processes.
May 21, 2021 at 9:50 a.m. UTCUpdated Aug 19, 2021 at 9:36 a.m. UTC
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Commerzbank joined with chemical firms Evonik and BASF to test the use of blockchain and programmable money in managing supply chains between two companies.
- Payments were made in a fully automated and digital manner using programmable digital euros based on e-money using Commerzbank’s blockchain platform, the German bank said Friday.
- The two German chemical companies transmitted data to Commerzbank, which generated a “complete and tamper-proof depiction” of the business processes, with smart contracts validating the transaction.
- Following the pilot, the firms agreed to expand the project to other supply-chain partners in the coming months.
- Commerzbank announced in July 2017 it was looking at blockchain technology as a means of digitizing supply chains.
- BASF’s involvement with blockchain also goes back to 2017, when it revealed it was investigating the potential in tracking the shipment of goods.
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