BASF and Evonik, Germany-based chemical groups revealed they are working together with Commerzbank on a supply chain blockchain project.
The companies first performed tests on blockchain technologies and pogrammable money in November 2020 for the handling of bilateral supply chain processes. A representative from the Commerzbank stated that programmable money can be digitized and that this project is one step further to the blockchain payment solutions.
BASF and Evonik were part of another, pilot project, in which with the help of another data provider called Elemica, they transferred business data to the cloud-based blockchain platform of Commerzbank.
After that, the ranches were processed with the help of the blockchain and with the help of digital euro smart contracts, more commonly know as cash on ledger or e-euro.
This system first stores the money as digital assets, encrypted in the form of e-euros in an e-wallet. Once a certain payment is performed, the e-euros is transferred to the recipient, who can then seek a transfer to their account at Commerzbank.
Source: The Paypers