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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.
Commerzbank joined with chemical firms Evonik and BASF to test the use of blockchain and programmable money in managing supply chains between two companies.
STORY CONTINUES BELOW
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- 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.
See also: US Navy Commissions $1.5M Blockchain System for Tracking Critical Weaponry
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
