Share this article
Commerzbank Tests Blockchain for Managing Corporate Supply Chains
The German bank partnered with chemical companies Evonik and BASF to test blockchain’s use in managing supply-chain processes.
Updated Sep 14, 2021, 12:59 p.m. Published May 21, 2021, 9:50 a.m. 1 min read
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 in July 2017 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
More For You
The bitcoin miner turned HPC infrastructure developer unveiled plans for a new 1 gigawatt facility in Kentucky aimed at servicing AI workloads.
What to know:
- TeraWulf surged 13% on Tuesday after announcing a new facility in Kentucky to serve to serve AI and high-performance compute demand.
- Former bitcoin miners tied to the AI infrastructure boom broadly moved higher as the AI spending momentum continues.
Top Stories
