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.”

Founder, Publisher and Editor in Chief of Blockchain News and co-founder and director at Blockchain Partners in London/Amsterdam/NYC, Richard Kastelein is also an advisor with a number Blockchain startups doing ICOs including DECENT.ch, Inchain, Humaniq, Chronobank, eGaas and others.

He is regarded as one of the top journalists by the Blockchain and fintech communities – as is evident by his entry in the Top 150 Fintech journalists online and in the top 10 of the Blockchain Top 100 List. As a prominent keynote presenter, he has spoken on Blockchain at events in Gdansk, Amsterdam, Minsk, Dubai, Antwerp, Eindhoven etc, where he helped spread the cause for Blockchain technology and crypto-currency and, consequently, has built a notable network inthe scene.

In 2013, the European Commission appointed him as an expert for overseeing financing for emerging startups as a part of the European Commission’s 90 billion euro Horizon 2020 project, created in Brussels to promote innovation as a driving force of job creation and business ventures across Europe. He has also worked as an external expert for Innovate UK since 2012, judging startups for the UK government.

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