Digital Fluency: Understanding the Basics of Artificial Intelligence, Blockchain Technology, Quantum Computing, and Their Applications for Digital Transformation by Volker Lang

Author:Volker Lang [Lang, Volker]
Language: eng
Format: epub, pdf
ISBN: 9781484267745
Publisher: Apress

Current Business Applications: Trading, Payment, and Sharing Services

Trading is part of our nature since our ancestors began to populate the earth and exchange objects that were commonly available at some places and rare at others as we know from the introductory part of this chapter. Early on, people only traded with each other if they knew and trusted each other. In view of the globalization, it is almost inevitable for companies and individuals to avoid trading with unknown partners that we neither met nor trade with before – just think about the global seller network on Amazon Marketplace, Alibaba, and other online retailers where we are exposed to thousands of unknown professional large-scale and private smaller-scale sellers. Trading with unknown parties has numerous legal, financial, and cultural risks that give rise to the question that probably all of us have been asking ourselves for some time: can we trust a certain trading partner (overseas) that we neither met nor traded with before?

Early on in their ongoing business relation, IBM and the Swiss investment bank UBS have explored this problem about trading in untrusted environments based on blockchain technology and created a blockchain consortium22 and online platform for trade finance back in 2016. Their joint platform was named “Batavia” and provided an ecosystem of trust for global trade as a viable solution for bearing the risk of trading with untrusted counterparties. Shortly afterward, the Bank of Montreal, CaixaBank, Commerzbank, and Erste Group joined this consortium, too, and helped to establish an open network for domestic and cross-border trading that can be accessed by corporate clients and trading partners from around the world [31]. Later on, Batavia merged with the faster-growing platform “we.trade”23 – formerly called “Digital Trade Chain” or DTC – that has been founded in 2018 by nine European banks including Deutsche Bank, HSBC, Rabobank, Santander, and Société Générale [32]. Today, we.trade is advertised as a bank-backed blockchain platform for trade finance that helps clients toFind (new) trusted trade partners

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