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Commerzbank and Thyssenkrupp successfully verify €500,000 deal on Corda

25 May 2018 00:00, UTC   |   2147
Commerzbank and Thyssenkrupp successfully verify €500,000 deal on Corda

Commerzbank and Thyssenkrupp, two major enterprises of Germany, have successfully verified a €500,000 deal using Corda’s DLT innovations. The main benefit of this deal in comparison to the same operation without blockchain - the lack of need for transaction reconciliation. This has been directly confirmed by the representative of Commerzbank who added that this platform would significantly reduce operational costs.

Commerzbank (founded in 1870) is the fourth-largest bank of Germany by the sum of total assets (452.5 billion EUR in 2017). Thyssenkrupp is a large conglomerate originating from two industrial companies - Thyssen dates back to 1867 while Krupp is even older and first mentionings of the Krupp steel factory appear in 1811.

Corda’s structure has been used by a big financial establishment - HSBC - to eventually develop a working blockchain soy trades platform. The representatives now pledge to optimize it together with Cargill and ING. The aforedescribed news is yet another indicator that Corda is slowly gaining more and more reputation on the world market. As reported in September 2017, even the authorities of Great Britain and Northern Ireland helped to develop this environment.

Image: Bitnewstoday

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