TradeIX unveils blockchain platform for trade finance
TradeIX has launched its TIX Platform, the “first open platform” for trade finance powered by blockchain.
The platform provides banks, alternative funders, business-to-business (B2B) networks, technology providers and corporates with a way to finance trade-related assets.
Like everyone else commenting on trade finance, Rob Barnes, CEO of TradeIX, says the market has “high-cost, high-maintenance, time-consuming processes” and its platform “represents the dawn of the ‘internet of trade’ and it has the potential to transform trade finance”.
According to the firm, its platform reduces complexity and the number of intermediaries involved, eliminates the settlement, custodian and counter-party risk and enables credit risk management.
As an open platform, TIX is “simpler for users to connect and use than proprietary platforms, can accommodate users’ different legacy technology systems and has potential for greater network effects”.
TradeIX was established in Ireland and has more than 25 employees and operations in the UK and US. It is also part of the non-profit technology trade association Linux Foundation.
This year alone
With its heavy use of paper, trade finance has found itself the centre of attention for blockchain innovation this year alone. It seems “the dawn” has passed, and we are on to the afternoon.
Mizuho Financial Group, Mizuho Bank and IBM Japan teamed up to build a blockchain-based trade financing platform.
Deloitte, the Hong Kong Monetary Authority (HKMA) and trade finance banks in Hong Kong developed a distributed ledger technology (DLT) proof of concept (PoC) for trade finance.