en
Back to the list

Commerzbank Tests Blockchain for Managing Corporate Supply Chains

source-logo  coindesk.com 21 May 2021 10:24, UTC

Commerzbank joined with chemical firms Evonik and BASF to test the use of blockchain and programmable money in managing supply chains between two companies.

  • Payments were made in a fully automated and digital manner using programmable digital euros based on e-money using Commerzbank’s blockchain platform, the German bank said Friday.
  • The two German chemical companies transmitted data to Commerzbank, which generated a “complete and tamper-proof depiction” of the business processes, with smart contracts validating the transaction.
  • Following the pilot, the firms agreed to expand the project to other supply-chain partners in the coming months.
  • Commerzbank announced back in July 2017 that it was looking at blockchain technology as a means of digitizing supply chains.
  • BASF’s involvement with blockchain also goes back to 2017, when it revealed it was investigating the potential in tracking the shipment of goods.

See also: US Navy Commissions $1.5M Blockchain System for Tracking Critical Weaponry

coindesk.com