Seven banks have revealed ‘proof of concept’ testing for the use of blockchain technology in supply chain and trade finance, according to Deloitte. “Because current paper systems drive US$18 trillion in transactions per year, there’s an attractive opportunity to decrease costs and improve reliability in supply chain and trade finance,” says the firm. At least four start-up firms are said to have emerged, with funding coming from venture capital funds and Barclays Corporate Bank, which has partnered with fintech firm Wave, “a platform that stores bill-of-lading documents in the blockchain and uses smart contracts to log change of ownership and automatically transfer payments to ports upon arrival.”