Bangladesh is now on the blockchain map.
Standard Chartered PLC, a British multinational banking and financial services company headquartered in London, England, has successfully leveraged blockchain technology to conduct Bangladesh’s first blockchain trade transaction, according to Newage on August 16.
The Standard Chartered bank issued a Letter of Credit (LC) for the trade between garment exporter Viyellatex Ltd and Viyellatex Spinning on the Contour blockchain network. LC is a letter from a bank guaranteeing that a buyer’s payment to a seller will be received on time and for the correct amount.
The entire transaction was reportedly paperless and completed digitally through Contour’s network. Contour’s blockchain network builds on R3’s Corda blockchain and enables all participants to leverage the network to create and renew trade data in real-time for global distributed digital trading. It added that:
“Contour improves data transparency, removes administration costs and reduces friction in global trade: all of this leading to an overall increase in efficiency and reduction in costs for all parties.”
Viyellatex Group chairman and CEO KM Rezaul Hasanat said:
‘Blockchain technology will certainly increase trading efficiency and reduce turnaround time of the LC process. Hence, we are very happy and proud to collaborate with Standard Chartered Bank and become a part of the first trade transaction in Bangladesh using the revolutionary blockchain technology.”
As Cointelegraph previously reported, German banking and tech giants have utilized Corda’s platform to complete a 100,000 euro money market security transaction.
Source: , CoinTelegraph
Articles listed with Cash Tech News as the author are either general information, or may have been imported from another website, to bring our readers a rich media experience that encompasses articles that we find interesting, as well as those curated by others.
The views and opinions expressed here are for informational purposes only, and should not be confused with professional financial advice. These opinions are solely those of the author and do not necessarily reflect the views of CashTechNews.com. Every investment and trade involves risk. You should conduct your own research, and contact your professional financial advisor before making any investment.
Corrections, feedback, and ideas should be submitted through the website contact form.