The Daimler AG and the machinery and plant engineer Dürr AG have successfully settled a commercial transaction on the Blockchain-a platform Corda. For this, they took advantage of the Trade-Finance network Marco Polo. The Landesbank Baden-Württemberg (LBBW) is a founding member of Marco Polo and was for the funding.

Brigitte Bernhardt
On the 27. September 2019BTC$8.319,94 , and 0.61%part Facebook Twitter LinkedIn xing mail

The Marco Polo network is based on the Corda Blockchain and should ensure greater efficiency in trade Finance. Here, the trading partners benefit from a faster and more secure payment processing.

In a press release dated 25. September, the LBBW describes the complex processes, the hedging of foreign trade financing. These usually require a large number of Participants, and costs valuable time. The joint project with Daimler and Dürr made it clear that these lengthy processes to simplify.

Simple and fast business processes

Specifically, the process consists on the Marco Polo network consists of the following steps: The buyer uploads the order on the platform and shares it via the Corda Blockchain with the seller. Once the seller’s Bank has verified the business, creates the promise of a conditional payment. This is for all parties – buyer, seller and the seller’s Bank – over the platform can be seen.

The Bank of the buyer receives from the seller uploaded and on the Blockchain audited and approved this. As a result of the seller for the irrevocable payment promise of a financing request. The System forwards the request to the Bank of the seller. Finally, the Bank examines the request and pays the corresponding amount to the seller. As a final step, the buyer’s Bank at maturity, transferred the money to the Bank of the seller.

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the entire flow of information about the Blockchain-a platform is shown Corda understandable. Instead of several days, such a sequence requires only minutes. The Open-Source platform Corda is already in use by various industries, in addition to financial and insurance companies, for example, also in the healthcare sector.

Also, Daimler Trucks explores the possibilities of transactions on the Corda Blockchain. The truck division of Daimler AG, in cooperation with the Commerzbank, most recently, a pilot project for payment under the machine.

in Addition, Daimler with the car in the area of Distributed Ledger technology is active. Together with the software company Icertis developed Mercedes-Benz Cars, a Blockchain-prototypes. As the company already announced in February, the project mainly by more transparency in the supply chains.

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