A group of seven European banking heavyweights has teamed up with technology giant IBM to create a blockchain-based platform aimed at simplifying trade finance for small and medium-sized businesses.

The Digital Trade Chain Consortium - comprising Deutsche Bank, HSBC, KBC, Natixis, Rabobank, Societe Generale and UniCredit - will work with IBM to use the technology to help SMEs in Europe manage, track and secure domestic and international trade transactions, according to a statement late yesterday. The consortium was created in January with the aim of building this type of platform.