Five major banks from Indonesia are in the middle. The five banks are Bank Mandiri, BNI, BRI, Bank Danamon and Bank Permata.
Senior Vice President of IBM Industrial Platform, Bridget van Kralingen, announces Banking Solutions Named IBM Blockchain Singers will help the Finance industry Accelerate Payment Transactions, Reduce Transaction complexity, especially in the back office, as well as reduce Operational Costs.
Citing IBM's official website Friday, December 8, 2017, using a solution called IBM Blockchain, they also work with partners such as Stellar.org and KlickEx Group.
"Our solution has been processed directly in 12 regions in the Pacific and Australia, New Zealand and the UK," Bridget said.
Blockchain is an online global database system that contains a set of transaction data in which the database system can be viewed publicly (open source), such as the bank ledger in the bank that records all customer transactions, Blockchain also records all transactions made.
Bridget gave an example of an IBM network that just entered agriculture in the Samoan Islands engaged in trade contracts with buyers in Indonesia.
According to him, the Blockchain will be used to record contract requirements, advice on trade documentation, enable farmers to provide collateral, obtain letters of credit, and complete transaction requirements immediately, conduct global trade with transparency and relative ease.