The automotive industry has made incredible steps in taking advantage of the blockchain technology. And while not many car makers are in the “game” yet, there are some who are already executing transactions on blockchain networks.
This is how Daimler has carried out its first transaction on the Marco Polo Blockchain Trade network. The German bank LBBW has facilitated a pilot trade transaction with the automaker and Dürr, an engineering company, on the network.
The pilot included an order and delivery agreement for a balancing system from Schenck , Dürr’s subsidiary, executed on Marco Polo. The payment was prearranged via a conditional commitment from Daimler’s bank.
After the equipment was delivered, the data was entered on the Marco Polo network and an automatic reconciliation with the pre-agreed transaction data took place, resulting in required payment obligation.
This is what Susanne Schlegel, the CFO of Schenck and Dürr Division Measuring and Process Systems, commented that the company focuses to increase efficiency not only with their systems and hardware, but also on the business operations. According to Schlegel, there is an intrinsic value to improving digital trade finance processes.
In addition to boasting clients such as Daimler in its portfolio, the Marco Polo has new clients such as Mastercard and Bank of America. Companies are looking for new ways to improve their trade businesses.