Standard Chartered is basically multinational banking along with financial services company in StanChart. The bank announces that the blockchain solution has been designed by Distributed Ledger Technologies, a blockchain startup. This platform allows an agri-business supply chain deal to accomplish within one day, apart from typical five-seven days.
Back in 2017, the transactions of trade finance are worth around $9 trillion. The industry still remains heavily reliant on legacy and paper systems. As per the annual report of 2017, StanChart holds above $600 billion worth assets within their balance sheet.
Today, StanChart underscores the blockchain solution streamlining the exchange and digitization regarding trade documents within supply chain network parties. This will somehow offer efficiency, as well as increased security with transparency.
Moreover, Stanchart is one amongst the countless giant banks including HSBC and BNP Paribas. They collaboratively create and introduces a blockchain trade finance platform also entitles as eTrade Connect.
With the help of blockchain tech, the platform will digitize trade documents, automating several trade finance procedures likely as expected to mitigate their relevant fraud risks in terms of the letter of credit (LoC) together with other relative documents.