We.Trade is a platform based on blockchain technology aimed at enhancing international trade. It is built on the IBM Blockchain platform using the innovative open source system Hyperledger Fabric. Which guarantees users an easy and simple interface to use, but at the same time robust and secure.
Platform We.Trade was launched on the market in 2017. With the aim of getting the most out of the implementations of the smart contracts within the commercial field. The use of smart contracts in this area gives users new opportunities to boost their businesses, offering better commercial offers through a unique and innovative system.
We.Trade is made up of a consortium that includes 15 of the recognized financial institutions in Europe. And in addition to this, it has the support of the company IBM, an American multinational technology consulting and innovation company. Which participates within We.Trade as a technological partner due to the extensive experience and track record it has within the financial services sector.
The main objective of this platform is to allow users, merchants and other participants to carry out their commercial operations in a simple way. Using, of course, a single connection point that guarantees security and reliability at all times.
Likewise, the platform seeks to implement solutions that allow you to enjoy better traceability and real-time monitoring of all operations carried out within it. In order to obtain better control and management of products, goods or services that are marketed nationally and internationally. Guaranteeing maximum transparency and authenticity in all processes.
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What does this platform encompass?
To enjoy a completely transparent, reliable and secure process, the We.Trade platform only allows the entry of users who have a prior registration and authenticated by one of the banking entities that are part of the consortium. Among those who are CaixaBank, Deutsche Bank, Erste Group, HSBC, KBC, Natixis, Nordea, Rabobank, Santander, Société Générale, UBS and UniCredit.
The need to implement this new system was made known by We.Trade's Director of Operations, Roberto Mancone. Who once highlighted that:
“The traditional bank-led trade finance model had not evolved for decades. Both banks and businesses were limited. Banks were unable to scale their platform to make it available to all customers… At we.trade, we believe that the industry could be made much simpler and more efficient. Which would allow businesses of all sizes to trade more easily and securely across borders, helping to drive global economic growth. Our goal was to develop a platform that could achieve this.”
With this vision, the We.Trade platform was born, which implements smart contracts to simplify foreign trade processes. Linking operations to financing and payment processes. As well as a series of conditions that must be met so that the contract can be executed as planned automatically.
The importance and main role that smart contracts play in this implementation is to ensure compliance with the established conditions. Eliminating scenarios of non-compliance with payments or agreements that usually occur through traditional contracts.
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How does the We.Trade platform work?
As mentioned at the beginning, We.Trade is based on the blockchain platform IBM Blockchain. A platform designed to provide solutions to companies from the cloud, running on the IBM Cloud. At the same time that implements the open source platform Hyperledger Fabric, developed by The Linux Foundation as an alternative that allows cross-border transactions to be carried out quickly, easily and securely.
The automation of international trade with blockchain technology eliminates the risks of fraud or scam by any of the linked actors. Something that a few years ago could have caused many companies to stay away from trade with foreign partners.
Now with We.Trade, financial institutions take clients and companies directly to the platform. Where all participants have been authenticated and verified in accordance with current legal regulations.
Advantages and benefits of the platform for users and clients
We.Trade involves the potential of Blockchain technology and the benefits of smart contracts to ensure maximum reliability and safety. In this sense, blockchain acts as a distributed database that records all processes and operations carried out within it. With a cryptographic signature and a unique timestamp for each entry. Which may be reviewed, verified or audited by any of the parties. Without the possibility of modifying or altering the information that has been registered, and without any of the parties having control over the data.
For their part, smart contracts guarantee companies and clients full compliance with the conditions established within the contract. That is, when one of the parties complies with what was previously agreed in the contract, the payment or financing process will be executed automatically within the platform's blockchain.
A process that guarantees reliability, transparency and security. At the same time, it helps any company, regardless of its size and experience, to participate and become empowered in foreign trade.
With We.Trade, companies will be able to enjoy the confidence to operate with any known or unknown partner. Carry out your operations in real time or with smart contracts previously defined and integrated into the blockchain. In addition to traceability and monitoring in all operations.
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