Standard Chartered PLC, a UK multinational banking and financial services company based in London, England, has successfully used blockchain technology Bangladesh’s first commercial blockchain transactionas reported by Newage on August 16.
Standard Chartered Bank has issued a Letter of Credit (LC) for trade between clothing exporter Viyellatex Ltd and Viyellatex Spinning on Contour’s blockchain network. The LC is a letter from a bank that guarantees that a buyer’s payment to a seller is received on time and in the correct amount.
According to reports The entire transaction was paperless and was completed digitally via the Contour network. The Contour blockchain network is based on R3’s Corda blockchain and enables all participants to use the network to create and update real-time business data for globally distributed digital commerce. He added:
“Contour improves data transparency, eliminates administrative costs and reduces friction in global trade – all of which lead to an overall increase in efficiency and growth reduced costs for all parties“.
KM Rezaul Hasanat, President and CEO of the Viyellatex Group, said:
“”Blockchain technology will surely increase the efficiency of trading and shorten the lead time of the LC process. Therefore, we are very happy and proud to work with Standard Chartered Bank and become part of the first business transaction in Bangladesh with the revolutionary blockchain technology. “
As Cointelegraph previously reported, German banking and technology giants have used Corda’s platform to complete a € 100,000 money market security transaction.
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