According to CoinDesk on September 25th, automaker Daimler completed its first deal on the blockchain-based trade finance network Marco Polo.
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According to a press release received by CoinDesk on Wednesday, in this commercial trade pilot transaction, Daimler, which owns brands such as Mercedes-Benz, handled the engineering company and component manufacturer Du. Dürr deals with the data needed to make a payment. The Landsbank Baden-Württemberg (LBBW) also participated in the transaction.
The pilot deal involves an order and delivery agreement for a balancing system from Dürer subsidiary Schenck set up on the Marco Polo blockchain. Payments are pre-established through a conditional agreement with Daimler's bank.
Once the ordered equipment has been delivered, the fulfillment data will be entered into the Marco Polo blockchain and automatically checked against the agreed transaction data, triggering an irrevocable payment obligation.
Marco Polo was founded by R3 and TradeIX, a startup company based on R3's Corda blockchain platform. The network is designed to provide real-time connectivity, increase transparency in trade relations, and reduce barriers to capital gains.
According to LBBW's announcement, at present, traditional paper payment methods in international trade transactions are inefficient and slow, requiring multiple systems and intermediaries to participate, including logistics providers, insurance companies, and customs.
The bank said that the pilot transaction was completed in "a few minutes, no need for a few days", which made Dürr and Daimler believe that the blockchain can make the process "faster and simpler."
Susanne Schlegel, chief financial officer of Schenck and Dürr Division Measuring and Process Systems, said:
“We not only focus on improving the efficiency of our machines and systems, but also on improving the efficiency of our business processes. The pilot transaction between Daimler and LBBW has successfully demonstrated the potential for inherent efficiency gains in the digital trade finance process. Like Marco Polo and Corda Such innovative platforms and technologies enable us to reduce transaction complexity, which is in the interest of all participants."
The automatic trigger payment feature is a milestone in the Marco Polo network and was announced in August. The first such transaction in the blockchain involved LBBW and Commerzbank, and witnessed the logistics provider Logwin AG adding data to the blockchain to initiate payment obligations.
In recent weeks, the Marco Polo blockchain has also announced that some well-known new members have joined the project, including Bank of America and Mastercard, all of which are exploring new ways to improve efficiency in the trade finance business. .