In a recent seminar, Japan’s third-largest bank SMBC revealed that it will soon launch trade Services based on Marco Polo blockchain. The information comes from Vice Chairman of SMBC, Yasuyuki Kawasaki. He says the bank will soon provide services for import and export companies on a global scale. These services will make use of the Marco Polo blockchain. This blockchain is built on the Corda platform which is developed by blockchain startup R3.

According to Mr.Kawasaki, trade finance is a complex domain. The paper-based record keeping in manual mode is quite time-taking. So, implementing blockchain will reduce the time significantly. Also, it will lead to real-time and paperless record keeping. The proposed trade system may initiate around the second half of 2019.

MarcoPolo blockchain network has some notable banking institutions under its flag. This includes ING, Commerzbank, etc. The MD of Marco polo claims that they have the resources and technology to improve the trade finance services of the banks. With their network, there will be easy access to credits and the risk in the trading will be minimal.