UniCredit Makes First Transaction via Blockchain in Italy

[Goodcat49]

The blockchain technology has continued to be massively used in banking processes across the world. In Italy, UniCredit has finally made the first commercial transaction via the blockchain. Using the We.Trade platform, UniCredit has allowed the metal packaging manufacturer ASA Group to buy a tinplate game from its supplier, Steelforce, which was supported by KBC Bank based in Belgium.

"We Believe that over time the platform can help redefine trade relations between SMEs by removing the obstacles that typically make international transactions difficult and costly, with tangible benefits for our customers,” Luca Corsini, Head of Global Transaction Banking at UniCredit said.   

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By using a smart contract created via the platform, the payment will happen automatically, in relation to the timing agreed directly between the parties involved, both credited to the platform, once the purchaser has approved the receipt of the products. To the maximum advantage of the speed and transparency of the transaction.   

Thus, with an effective digital process, the ASA Group found it easy to complete the operation in a few days, from the time of order to payment. Banks and big businesses are looking for a more efficient, effective and cost-effective way of managing cross-border business transactions.   

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/unicredit-makes-transaction/