Amsterdam Trade Bank (ATB) and our IT partner Cegeka are building a Blockchain proof-of-concept based on the Ethereum Blockchain platform.
Blockchain is a secure transaction method. Our Blockchain transactions can be accessed from anywhere in the world via the web, with all involved parties sharing an open, distributed ledger. All transactions within the Blockchain are cryptographically chained, making the ledger impervious to fraud: to change a single entry, you would have to rewrite history.
We are working with several customers to build a Blockchain solution that facilitates ownership transfer within the value chain, starting with a digital Bill of Lading. We have already observed significant increases in transactional efficiency and security. Since no paper is involved and no people-power is required to verify documentation, administrative overheads and time to market are reduced dramatically.
Instant, transparent and secure
Cegeka is helping ATB scale our proof-of-concept to take in a wider customer base and support other currently paper-based trade artefacts such as Letters of Credit. We also plan to take advantage of the possibilities that Blockchain offers in other areas of the value chain.
Blockchain is opening the door to a future where we can reduce overheads for ATB, our customers and their customers, and lower transactional costs across the value chain. If you share our vision and would like to be part of future Blockchain initiatives, get in touch with us.