R3’s Marco Polo Trade Blockchain Takes Another Step Toward Production

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Marco Polo, the trade finance blockchain network launched in 2017 by R3 and TradeIX, is moving slowly but surely toward production.The latest milestone in the 22-bank blockchain consortium’s methodical piloting process allows a third party to a trade (in this case a logistics provider) to trigger a payment to a supplier in real-time at the moment the goods are on their way to their destination. This work builds on the first Marco Polo test transactions carried out in March of this year between two member banks – LBBW and Commerzbank – which executed a trade between engineering technology firm Voith and KSB SE, a pump and valve manufacturer. This time, besides the two companies involved, logistics provider Logwin AG added data to the blockchain and initiated the payment obligation.Gerald Böhm, head of guarantees and trade finance at Voith, said in a statement on Wednesday: Ralf van Velzen, head of export…

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