The Marco Polo platform has made the news once again with the successful completion of a new trade. On Thursday the 15th of August, it was reported that Commerzbank and Landesbank Baden-Württemberg (LBBW) initiated and concluded a trade transaction which included logistics firm Logwin AG, allowing all parties full, real-time access into the chain.
Commerzbank has handled a similar trade which took place a few months ago in March on the Marco Polo platform including Voith, an engineering group in Taiwan; and a German manufacturer, KSB. This transaction involved the purchase shipment and delivery of hydraulic products and was entirely completed with blockchain technology. What sets this new one apart is the addition of Logwin, giving it access to all shipping data. The head of LBBW’s International Trade and Payment Solutions, Matthias Heuser, has said the platform allows Logwin to handle payments even as a third party.
“Now, an independent third-party – in our case the logistics provider – is able to trigger a payment obligation in favour of the supplier.”
The system, according to a KSB Executive, Ralph Van Velzen, now ensures unmatched efficiency and transparency, allowing the payment to be delayed until the seller has successfully ensured the goods are with the logistics firm and en route to the buyer.
The plan, according to Commerzbank, is now to expand the system as much as possible, to include several other parties. The adoption of the system into other sectors like insurance and even government authorities, would ensure unparalleled transparency.
