As part of its series on blockchain in commodities, Fastmarkets takes a closer look at the evolution of blockchain networks for trade finance
Marco PoloOne of the fastest growing trade and working capital finance networks in blockchain is the Marco Polo network, a joint venture with technology firm TradeIX and software firm R3, along with a number of major banks and their clients.Designed to facilitate trade finance between banks, their corporate clients and the wider trade ecosystem, the network was officially launched this year and has the highest number of members of any similar blockchain ventures.These include BNP Paribas, Commerzbank, ING, Standard Chartered Bank, SMBC, DNB, Anglo-Gulf Trade Bank, Landesbank Baden-W? 1/4 rttemberg, OP Financial Group, Bangkok Bank, NatWest and Natixis. The International Trade and Forfaiting Association (ITFA), which has more than 170 members, is also part of Marco Polo, acting as an observer.Although Marco Polo was officially launched at the beginning of the year, work started on it much earlier, TradeIX chief marketing officer Oliver Belin said."It's a collaboration, a marketing construct - it's not a legal...