An Israeli startup to complete the bank's first blockchain-based trade transaction at Barclays in the UK banking company allows it to send a transaction within a few minutes of the barclays, both cost effective and securely, using traditional transaction mechanism that normally takes hours or days

According to Barclay, the transaction is about $ 100,000 of the Irish food agency, dairy products from Aruna to Sheeshles Trading Company.

Behas Baghdadi, Barlays' Global Head of Trade and Working Capital, says:

"We have proven the reality of this technology and the client, Aruna, has asked us whether they can make the next transaction in this way, which proves how the user had a complete friendly process."

Barclays and Waves

Using Wave's Blockchain in Barclays, Barlays began its journey through the 'Blockchain Accelerator Program'. The wave platform allows Barclays to work with an easy-to-use blockchain interface to manage the trade between two sides without possible transaction interference.

Transaction between Aruna and Seychelles trading company was for trading documents which were handed over to Blockchain for the record.
The new blockchain-based system created by Wave uses Victory technology distributed to ensure that all parties transfer headlines through a secure decentralized network and send and send submissions and other basic trading documentation, elimination of current rigidity of international trade.

Other banks that work on blocking
The UK-based bank does not check the first with Blockkayen for Phintek. Both HSBC and Bank of America Merrill Lynch have reported that they are investigating the blockchain based banking for faster and more expensive transactions.

Wave CEO Gadie Rosschin adds:

; Effective use of blockchain technology can really have a huge impact on the future of trade. Our system can be done more easily and economically by taking business. Studies show that as much as 5% of documentation comes from the management of a trade transaction cost, there is a significant opportunity to improve this material in the trading process. We think we've got the right answer, and look forward to working with Barclough to make it even better and to create an industry-wide solution.