Isbank, completed the country’s initial global trade funding transaction using a platform powered by distributed ledger technology (DLT).
İşbank, the first Turkish bank to join R3’s Corda platform earlier this year, now became the first bank in Turkey to use blockchain technology on trade finance transactions using blockchain-powered Corda platform, Isbank and German-based Commerzbank secured payments by digital processing of corresponding data.
These financial institutions backed the shipment of laminated glass interlayers from Germany to Turkey. The trial was finished on the Marco Polo network, which is known as a partnership network for receiving payments and funding of trade dealings. Isbank’s statement reads as follows:
“Its DLT allows foreign trade transactions to be financed securely and in a very efficient manner. Transactions are safe and transparent and can be processed in a trusted environment.”
Due to its “crypto-friendly” regulations, Turkey has been on the radar of various crypto projects. In September 2019, the Turkish government has stated plans to establish a national blockchain infrastructure. Since then, the country set the end of 2020 as the deadline for a Digital Lira, the country’s national central bank digital currency.
