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E-invoicing, SCF & E-procurement

R3's Marco Polo Trade Blockchain network announces updates from Logwin

Thursday 15 August 2019 | 10:49 AM CET

Marco Polo, the trade finance blockchain network launched by R3 and TradeIX, is moving toward production with real-time supplier payments provided by Logwin.

The latest milestone in the 22-bank blockchain consortium’s methodical piloting process allows a third party to a trade (in this case a logistics provider) to trigger a payment to a supplier in real-time at the moment the goods are on their way to their destination.

This work builds on the first Marco Polo test transactions carried out in March 2019 between two member banks – LBBW and Commerzbank – which executed a trade between engineering technology firm Voith and KSB SE, a pump and valve manufacturer. This time, besides the two companies involved, logistics provider Logwin AG added data to the blockchain and initiated the payment obligation.

In a recent interview showcasing Corda-based Digital Asset Shared Ledger (DASL), Lab577 predicted that goods and services would soon be able to flow one way across the ledger and the payment for those goods and services to flow the other way on the same ledger.

More: Link
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