The German bank partnered with chemical companies Evonik and BASF to test blockchain’s use in managing supply-chain processes.
The financial institutions are working with fintech firm 360X, with first tokenized transactions coming later this year.
Commerzbank has developed a blockchain-based solution it says allows automated trucks to pay for power charging with no human involvement.
The German bank is building on five different blockchains, and not just to hedge its bets – it sees a multi-chain future.
Thyssenkrupp successfully conducted a foreign exchange transaction using R3's Corda blockchain in partnership with Germany's Commerzebank.
Four major banks have joined a trade finance initiative launched late last year by Switzerland-based UBS and tech giant IBM.
German banking institution Commerzbank is looking to digitize the trade finance process using blockchain.
Blockchain technology constitutes a "genuine revolution" in how decentralized systems are run, Commerzbank said in a March report.