A major Turkish bank completed the country’s first-ever international trade finance transaction based on distributed ledger technology, or DLT. This adds another milestone to the country’s increasing blockchain efforts. 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 Corda blockchain technology, İşbank and Commerzbank secured payments by digitally processing the related data transfer. The transaction took place on 27 May 2020 between İşbank, Şişecam, Kuraray Europe GmbH, and Commerzbank AG and supported the trade of laminated glass interlayers from Germany to Turkey. R3’s Corda technology allowed the trade transaction data to be only distributed to the parties along the workflow of the trade. This way, the settlement process was more efficient in comparison to traditional transactions.