According to Coindesk's September 19 report, Bank of America has joined the international trade blockchain alliance Marco Polo.
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Marco Polo was founded by startup R3 and TradeIX and is based on the R3 Corda blockchain platform. The network aims to increase the efficiency of international trade by improving the transparency of trade relations and reducing barriers to accessing capital through real-time connections.
In a statement sent to CoinDesk by e-mail on Thursday, Bank of America said that as a long-term provider of trade and supply chain finance solutions, it will become a member of Marco Polo to provide better service to customers. .
Geoff Brady, head of global trade and supply chain finance at Bank of America Global Transaction Services, said:
“Joining the Marco Polo network is in line with our strategic goal of transforming technological advancement into a trading solution that meets customer needs. We look forward to exploring how new technologies can create greater transparency for our customers throughout the trade lifecycle, making tradition The opaque process of paper documents is easier and more efficient."
R3 CEO David E. Rutter said that with Bank of America joining Marco Polo, he hopes this will encourage more banks in the US to join the alliance, he continues:
“As the network continues to evolve, the use of blockchain technology to change financial markets is also increasing. Trade finance is such an area that can benefit the most from the blockchain prospects and the efficiency gains it brings.”
Earlier this month, Mastercard joined the alliance and said its business-to-business (B2B) global trade division Mastercard Track would provide an access point for Marco Polo's working capital financing platform.
In August of this year, Marco Polo said that the alliance has taken another big step toward launching a real-time product. The group, which has more than 25 members, said at the time that it had successfully conducted a product trial to allow third parties in the transaction to make payments to suppliers on the way to the destination. The result was achieved after the network first trial run real-time transaction in March this year.
The number of trade finance projects built using blockchain technology is rapidly increasing, thanks to the technology's increased efficiency and resulting cost savings. There are currently about 30 blockchain alliances in the field, including Voltron, also based on the Corda platform, CargoX based on Ethereum, and eTrade Connect, which operates on the Hyperledger Fabric and focuses on the Asian market.
As of last year, Bank of America had a market capitalization of approximately $313.5 billion, ranking 13th in the world and the sixth-largest listed company in the United States.