Batavia, the blockchain-based transaction platform developed by multiple banks, has passed its first live pilot.

The pilot successfully tested the entire sales cycle on Batavia’s blockchain technology in the form of two trades; car sales from Germany to Spain, and textile raw materials to Austria from Spain.  The platform will now move to a new phase which includes building out a product-ready solution.

Jason Kelley, the general manager of IBM Blockchain services, said:

The members of Batavia have demonstrated how sharing data among permissioned network members can accelerate cross-border trades and bring new transparency to the financial system, both in real-time and at scale.

Batavia was built in partnership with IBM Blockchain as well as UBS, Bank of Montreal, CaixaBank, Commerzbank and Esrte Group.

Read more at Finextra and Coindesk.