Tag Archives: amcor

BNP Paribas Blockchain used for live transactions

A well-known worldwide seller and another important firm partecipated to the first live transactions using the BNP Paribas Blockchain service, as revealed today by the bank itself.

According to BNP Paribas, in fact, payments were processed between the Italian sports collectible firms Panini Group and the Australian packaging firm called Amcor.

The payment transactions were managed in a few minutes – the bank explained in the official press release – using different currencies to make transactions easier between bank accounts located in Germany, Netherlands and England.

Panini Group treasurer Fabrizio Masinelli commented 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.”

BNP Paribas Blockchain Proof of Concept

The transactions were managed by using the proof of concept called Cash Without Borders launched earlier this year after its incubation during a blockchain hackathon.

More Details about the size of the transactions will be revealed in the next future.

Also, the BNP Paribas blockchain service tested the so-called “mini-bonds” for small investments, as well as blockchain crowdfunding prototypes that might see the light next year.

According to the Panini Group’s official website, the company earned 751m euros in 2014 and employs 1,000 people worldwide.

Also, during the same year, Amcor earned  $10b in sales and employs 29,000 employees.

To read more about the BNP Paribas Blockchain service click here.

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Amelia Tomasicchio