Standard Chartered Leverages Blockchain Technology To Conduct Bangladesh’s First Blockchain Trade Transaction
Standard Chartered Leverages Blockchain Technology To Conduct Bangladesh’s First Blockchain Trade Transaction
August 17, 2020
Standard Chartered Leverages Blockchain Technology To Conduct Bangladesh’s First Blockchain Trade Transaction
Standard Chartered Leverages Blockchain Technology To Conduct Bangladesh’s First Blockchain Trade Transaction
August 17, 2020

Standard Chartered, a British multinational banking and financial services company, has successfully leveraged blockchain technology to conduct Bangladesh’s first blockchain trade transaction.  

On August 16, it has been reported by Newage that 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. 

However, 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:

“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.”

Thus, KM Rezaul Hasanat, the chairman and CEO of Viyellatex Group, 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.”

Source: Cointelegraph | Image: Kryptomoney


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.
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