Belgian Bank KBC develops Blockchain-based App for Cross-Border SME Trade

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Belgian Bank KBC with IT outfit Cegeka has developed a Blockchain application for managing, tracking and protecting domestic and international trade transactions between SMEs.

The Digital Trade Chain (DTC) application is based on a ‘permissioned’ Blockchain with smart contracts.

DTC links all parties to a transaction – buyer, seller, KBC and the counterparty’s bank – and registers the entire trade process from order to payment, displaying it in an at-a-glance flowchart and guaranteeing payment when all contractual agreements have been met.

The app has been assessed by 17 SMEs in different sectors and then tested by Bru Textiles and Aristide, two textile companies in Kontich. KBC says it is currently in talks with banks in neighbouring EU countries – the primary marketplace for 77% of Belgian exports – to roll out the service more widely.

Luc Gijsens, KBC group international markets CEO, says:

“SMEs are having to run their businesses differently in an increasingly digital age. KBC aims to give them innovative solutions to gear up to an increasingly digital environment. This successful DTC trial shows that Blockchain technology offers a number of opportunities that we want to continue testing and developing.”

About Richard Kastelein

Founder of industry publication Blockchain News, partner at ICO services collective CryptoAsset Design Group (helped raise over $200m+), director of education company Blockchain Partners (Oracle Partner) and ICO event organiser at leading industry event  CryptoFinancing (first ICO event in Europe) - Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of half a dozen Blockchain startups and has written over 1200 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat.
 
Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London, Manchester, Minsk, Nairobi, Nanchang, San Mateo, Shanghai,Tel Aviv and Venice. His network is global and extensive.
 
He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He's written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com and his work and ideas have been translated into Dutch, Greek, Polish, German and French.
 
A journalist by trade, an entrepreneur and adventurer at heart, Kastelein's professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he's travelled for nearly 30 years as a Canadian expatriate living around the world.
 
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, "The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he's raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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