What is the Marco Polo blockchain?
The Marco Polo blockchain is the platform of the Marco Polo Network, a financial network of capital, born from the partnership between TradeIX and R3 and various financial institutions.
Among those who participate in this network, there are also some well-known brands, such as Bank of America, BNP Paribas, Commerzbank, Crédit Agricole, ING, MasterCard, but also Accenture, Daimler, Microsoft and Oracle.
The initiative was launched in 2017 to promote trade and financial innovation and features an open enterprise software platform including a distributed, DLT-based solution to enable the continuous and secure exchange of data and resources between members.
The platform is used by banks and businesses to simplify and automate their business and the financing of working capital in an effective manner. It is a distributed platform, so it can be customized by each user and in fact represents a DLT-based network that allows the secure exchange of data.
The difference with other similar platforms lies precisely in the use of DLT, which also allows for greater scalability.
According to manufacturers, this technology is enabling mass adoption in a way never possible before.
Traditional platforms, although based on networks, have technical and commercial limitations, such as new integrations customized for each new connection, centralized control of all data, data custody and confidentiality issues, the impossibility of customization for each user and limited distribution options.
Whereas, the model based on a distributed platform eliminates these technical limitations, offering some advantages such as individual integrations for connecting to the entire network, network owned by participants, no single party owning the network, control and management of data at the user level, and so on.
The blockchain on which it is based is Corda by R3, a solution already used by over 300 financial institutions and technology companies worldwide.
However, it is a solution designed for banks and large companies, not for SMEs, although it is not excluded that it may also open up to this sector in the future. Supply chain financing is also part of Marco Polo Network’s future projects.
It currently offers only three products, namely credit discounting, factoring and payment commitment.
The Marco Polo ERP app is also the first blockchain-based application in the world to have obtained Oracle’s Built for NetSuite status in 2019 and is also integrated with SAP and Microsoft Dynamics.
One of the winning features of this platform has probably been the native integration with the most used corporate ERP systems in the world.
Marco Polo has also launched the Universal Trade Network (UTN), a blockchain-based standard that aims to establish itself in the trade finance sector.
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