Standard Chartered PLC, a British multinational banking and financial services company headquartered in London, England, has successfully used blockchain technology to complete Bangladesh’s first blockchain trading transaction, according to Newage on August 16.
The Standard Chartered Bank has issued a Letter of Credit (LC) for the trade between clothing exporter Viyellatex Ltd and Viyellatex Spinning on the Contour blockchain network. LC is a letter from a bank guaranteeing that the payment from a buyer to a seller will be received on time and for the correct amount.
The entire transaction was reportedly paperless and digitally completed through the Contour network. Contour’s blockchain network builds on R3’s Corda blockchain and enables all participants to use the network to create and update trading data in real time for globally distributed digital trading. It added that:
“Contour improves data transparency, reduces administration costs and reduces friction in global trade: all this leads to an overall increase in efficiency and cost reduction for all parties.”
Viyellatex Group Chairman and CEO KM Rezaul Hasanat said:
‘Blockchain technology will certainly increase trading efficiency and reduce the turnaround time of the LC process. As a result, we are very pleased and proud to partner with Standard Chartered Bank and become part of the first trading transaction in Bangladesh with the revolutionary blockchain technology.
As Cointelegraph previously reported, German banking and tech giants have used Corda’s platform to complete a 100,000 euro money market security transaction.
