Audi Blockchain Shipment Completes on Batavia Platform
Batavia, a global trade finance platform, has successfully completed a blockchain shipment with Audi.
The Audi shipment was one of their first ‘live pilots’, using blockchain technology to record the transactions required to trade cars from Germany to Spain. Audi’s Head of Group Treasury, Alexander Dietlmeier said:
“we will be testing this technology for other use cases in our distribution process.”
Batavia demonstrated its scalability. As well as Audi, the pilot covered a variety of trade shipments, in differing countries on various modes of transport, such as textile materials for furniture production from Austria to Spain.
Nikolaus Giesbert, Divisional Board Member Commerzbank said:
“Our joint successful live transaction gives an idea of the potential of our platform.”
Working with IBM, Batavia has been developed by a consortium of 5 banks, Bank of Montreal (BMO), CaixaBank, Commerzbank, Erste Group and UBS.
The blockchain platform aims to simplify the complexity of transactions for global trade. Providing an ‘end to end’ solution, recording the process and offering risk management tools linked to key events in the supply chain.
The consortium stated that the Batavia project is building a production-ready solution, which may include joining forces with FinTech companies, financial institutions and other innovation leaders in the market.
Following the successful Audi blockchain shipment, Giesbert of Commerzbank said:
“The trade data and the smart payment automatically triggered by shipment data, build an important basis for risk management and financing tools adding value to every supply chain.”
