IBM Blockchain: Transforming trade finance – and trade

Being outside in the Nordics is a way of life. It gives you perspective on what you do at work That is when you get some of your best ideas. We see more and more SMEs getting involved in cross-border trade. There are some very typical, common challenges they face. And I would say the biggest one is related to trust. So can I trust my overseas trading partner that I may never have met before. So for a small company, it can be like a jungle almost. Trust is very important We strive for long-term relationships with both suppliers and customers Our suppliers need to work on time, to get the right orders in on time and we must keep our promised delivery times. Our suppliers want their money before we get the end customer to pay for the products and in that respect we need support in bearing the risk. Most of Flowrox’s trading partners are part of the platform because their banks are part of the platform. That’s an important thing in trade that counterparty risks can be eliminated and there is trust between partners. Using was surprisingly easy I didn’t need to know anything about blockchain. Recently we have begun investigating whether we could utilize with our small agents in South America is not only about providing trade finance. It’s something much bigger than that. It’s actually about enabling trade. IBM has clearly been a really important part of this collaboration, bringing the technology and the knowledge that they have when it comes to cross-border trade. As we bring this out to more banks and more partners, we can foresee transportation companies, the customs authorities, connecting all of these with our customers. We’re creating an ecosystem…. an ecosystem of trust for global trade.

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