Major Banks Buy Into Blockchain-Based Trade Finance Allowing SMEs To Profit

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Financing for small to medium enterprises has often been a difficult task, but the introduction of blockchain is opening up new, and far reaching, markets that are benefiting both the lenders and the lendees

Everyday produce from around the world is shipped and moved to the far corners of the globe for customers to buy with such ease that little thought is given to the inner workings of this trade industry. From French Champagne being purchased off the shelf in Spanish supermarkets to German Sausages available at the corner store in the United Kingdom; it has become a way of life.

To this end, a company called we.trade is leveraging IBM’s blockchain solution and has managed to collaborate with “Lack of credit is one of the primary growth obstacles for small business owners so making credit accessible to nearly all business owners who have access to the internet is a big boost for these SMEs., CEO of we.trade, also expanded on this customer-first approach for businesses looking to lend money to achieve their goals. He explains how blockchain can break down the trust issues between lenders.

The technology itself may be revolutionary and impressive, but that does not necessarily mean it needs to be the primary marketing tool.

 

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