Global Trade Review – Singapore-based blockchain platform dltledgers will soon expand to Japan, Australia and Dubai, as well as launch two new features that will make it easier and cheaper for commodity traders to access finance for their transactions. The blockchain startup has announced that more than 30 banks and 340 trading houses are now onboarded to the platform, which has facilitated more than S$1bn-worth (US$730mn) of trade finance transactions since its launch 18 months ago. Based on Hyperledger Fabric, dltledgers is a production-grade solution that enables trading companies to connect to their supply chain network and digitalise trade processes and financing documentation. Smart contracts allow traders to automate the creation of trade flows and build a digitally signed consensus framework among multiple parties. Banks and other trade finance providers, meanwhile, can offer instant trade financing support through the platform, which facilitates letter of credit transactions and supply chain financing. All parties have full visibility over a transaction they are involved in. According to Samir Neji, founder and CEO of dltledgers, the most active financers on the platform so far are Standard Chartered and Singapore’s DBS Bank. DBS first announced it was using dltledgers in November, when it financed a… continue reading
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Source: CTRM Center