GTR – Standard Chartered has implemented a new blockchain-based platform to finance commodity trading companies’ supply chains, with other international banks set to follow. The bank has announced it has completed a supplier finance transaction on dltledgers, a Hyperledger Fabric-based platform that enables traders to connect to their supply chain network and digitalise trade processes and financing documentation. The transaction was conducted in Singapore for Agrocorp International, facilitating the early payment for agricultural products purchased from Associated Grain Corp in Australia, and resold to a customer Bangladesh. The bank says in a statement it completed the transaction within 24 hours, a significant reduction from the five to seven days a conventional transaction would typically take. Meanwhile, the blockchain also records information on the origin of the commodities purchased as well as farming practices used, enabling buyers to better achieve sustainability objectives. dltledgers’ target customers are commodity trading companies. Having already onboarded more than 50 traders, the Singapore-based blockchain startup aims to expand this number to 1,000 by the end of the year. It is also looking to bring banks onboard to further support its users, with the platform facilitating letter of credit transactions, electronic bills of lading and supply chain… continue reading
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Source: CTRM Center