Standard Chartered Conducts First Blockchain Trade in Bangladesh
Bangladesh is now on the blockchain map.
Standard Chartered PLC,Â a British multinational banking and financial services company headquartered in London, England, has successfully leveraged blockchain technology to conduct Bangladeshâ€™s first blockchain trade transaction, according to Newage on August 16.Â
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.Â
The entire transaction was reportedly paperless and completed digitally through Contourâ€™s network. Contourâ€™s blockchain network builds on R3â€™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:
â€œContour 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.â€�
Viyellatex Group chairman and CEO KM Rezaul Hasanat said:
â€˜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.â€�
As Cointelegraph previously reported, German banking and tech giants have utilized Cordaâ€™s platform to complete a 100,000 euro money market security transaction.
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