07 Aug How Banks Are Teaming Up To Bring Blockchain To Trade Finance
23 August 2018
Trade finance has seen more successful blockchain pilots than other use cases, but will historically conservative banks have the same risk appetite to move from testing to full-scale production?
As trade wars intensify, banks are looking to blockchain as a way to streamline international trade transactions.
Historically inundated with paper trails and inefficiencies, banks and regulators worldwide are teaming up to digitize the trade financing process. HSBC, Standard Chartered, and others belong to a range of consortia that have had successful pilots using distributed ledger technologies (DLT) to process live trade finance transactions.
Trade finance blockchain consortia
In May 2018, HSBC and ING used Corda, in partnership with CryptoBLK, to successfully complete a LOC for Cargill to ship soybeans from Argentina to Malaysia. Typically a manual process that takes between 5-10 days, Voltron was able to cut it down to 1 day. The next phase is to scale Voltron for the broader cohort of banks.
Read more at CB Insights, here.