UBS implements blockchain

Pedro Gonçalves
UBS implements blockchain

UBS has started executing transactions on, a blockchain-based trade finance platform that could be adopted soon by banks. 

The platform targets small- and mid-sized corporate clients in Europe with bank payment guarantees and invoice financing. It is a bid to negotiate global contracts without the usual load of paperwork.

Blockchains offer a shared digital record to the previously paper-based world of global trade, and help reinforce trust between companies executing trade agreements. Services include bank payment guarantees and invoice financing, for which the banks charge a fee.

Trading fees on the platform can range between $2,000 a month (early users) and a $175,000 full annual membership license. Trialing a project can also cost up to $75,000 per year. is built by IBM on the open-source Hyperledger Fabric blockchain system, although it plans to bring in-house tech soon. promises an up to 90% cheaper process thanks to distributed ledger technology. 

The Swiss bank joins Société Générale, HSBC, Santander, UniCredit, Nordea, KBC, Rabobank, and Deutsche Bank, who are already active on

Launched in mid-2018, is ahead of rivals like Marco Polo, a trade finance blockchain backed by TradeIX and R3 that's still in the pilot stage,  CoinDesk reports. However, just last month, the Bank of America, the world's eighth-largest bank by total assets, announced it was going with Marco Polo, joining other network members like BNP Paribas, Commerzbank, Standard Chartered Bank, among others.


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