Daimler AG joins blockchain space; uses R3’s Marco Polo network for conducting transactions
Blockchain tech is now catching the attention of heavyweights from diverse business backgrounds. Advantageous transaction features of blockchain are being utilized by various business, with Daimler AG being the latest to join the bandwagon. Daimler has carried out its first transaction over R3’s Marco Polo trade finance network.
This transaction was done between Daimler and Dürr and included the order and delivery agreement from Dürr’s material testing arm, Carl Schenck AG. Here, payment was done in a secure manner using the conditional payment commitment delivered by the buyer’s bank. It is important to note that Marco Polo’s LBBW had provided the financing and payment gateway. In the procedure, after the final equipment was delivered, the blockchain tech was used to upload the order fulfillment-related information. This way, the new data was added after the previously agreed transaction data, effectively and efficiently.
On this blockchain development, Jürgen Vogt, Director, Treasury Controlling, Analytics & Standards at Daimler AG, said,
“At Daimler Treasury, we continuously work on the digitization of our business processes. The optimization potential inherent in trade finance transactions is high. This pilot project between Dürr and LBBW is an important step for us to evaluate future possibilities of blockchain technology in this field, to digitize the trade finance workflow and make it more efficient and transparent.”
Previously, Marco Polo gained the attention of the crypto-community after it added another heavyweight, BoA (Bank of America), under its belt. BoA leveraged R3’s Corda-distributed ledger technology for bridging the gap between trade and supply chain financial solutions.