The blockchain-based trade finance platform aims to solve 8-9 different roles
American tech giant IBM is today launching a blockchain based trade finance platform that will cater to India along with South Asia region to create multi-party cross border trading networks. Essentially, a blockchain serves as an open, distributed ledger. Usually, it is managed by a peer-to-peer network collectively adhering to a protocol for validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which requires collusion of the network majority.
At first, it will be a closed network. Depending on the traction, the corporate will further open it and also reach out to smaller cities and towns in the country.