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Continental, Commerzbank and Siemens team up for blockchain initiative

Continental, Commerzbank and Siemens team up for blockchain initiative
Continental,
Commerzbank and Siemens came recently together to test blockchain technology in
the financial market. The aim of this project was to practically test the
blockchain technology so that it can be used for regular financial
transactions.



In the trial – which
covered a volume of €100,000 for a term of three days – Continental was the
issuer of the money market security that was established under the Luxembourg
law, on the basis of legal requirements in the form of a euro-denominated
electronic commercial paper. Commerzbank was the service partner and provider
of the Corda-based Blockchain platform through its R&D unit Main Incubator
for the project, whereas Siemens subscribed to the money market security as an
investor.



During this pilot
project, the initiation and processing of the transaction held directly between
the two companies. The starting point was an inter-company securities
transaction and the participating companies had legally processed the
generation of the money market security as well as its trade (including payment
processing) through blockchain. Interestingly, the documentation and money
exchange could now be done in minutes rather than days.



Peter Rathgeb, corporate
treasurer at Siemens, said: “It was important for us to test the
technology at an early stage and derive action fields for the future. The
significantly shorter throughput times and faster time-to-market show clear
advantages of this technology. Key challenges include security and performance
issues, as well as legal issues such as the need to create a consistent
European standard and understanding of the law on blockchain-based transactions.”



Earlier this month, Spanish commercial bank Banco Santander, along with IBM, announced a five-year global technology agreement that focuses on blockchain and big data technologies. The agreement, which is valued at around £547 million, will help Santander Group to evolve towards the open, flexible and modern IT environment it requires to materialise the important role that technology and digital capabilities play in the company’s business strategy. 







Interested in hearing leading global brands discuss subjects like this in person?  Find out more at the  Blockchain Expo World Series , Global, Europe and North America. 


The post Continental, Commerzbank and Siemens team up for blockchain initiative appeared first on The Block .

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