A multi-million dollar global collectibles seller and a billion-dollar packaging firm have participated in some of the first “live” transactions using BNP Paribas’ blockchain service, the bank said today.
According to BNP Paribas, payments were processed and cleared for both Italy-based sports collectibles firm Panini Group and packaging firm Amcor, which operates out of Australia.
The payments were cleared in “a few minutes”, the bank added, using different currencies to facilitate transactions between bank accounts located at branches in Germany, the Netherlands and the UK.
Panini Group treasurer Fabrizio Masinelli said in a statement:
“This proof-of-concept shows how powerful such technology can be and how it can be utilised as an effective and efficient response to the main issues that treasurers face on a daily basis.”
The transactions were conducted using a “Cash Without Borders” proof-of-concept launched earlier this year following its incubation during a blockchain hackathon , according to the statement. Details about the size of the transactions were not revealed.
In addition to BNP Paribas’ work with blockchain-based payments the firm has experimented in so-called “mini-bonds ” for smaller investors, as well as blockchain crowdfunding tools that were initially slated for release by the end of this year.
According to the Panini Group’s corporate website, the firm generated 751m euros in 2014 and employs 1,000 people around the world. During the same year, Amcor generated $10b in sales and employs 29,000 employees.
Going forward into 2017, a number of industry observers have predicted that blockchain will increasingly be moving from early-stage proofs-of-concept to products that move actual value.
Image via Shutterstock