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Standard Chartered Conducts First Blockchain Trade in Bangladesh

Standard Chartered Conducts First Blockchain Trade in Bangladesh

Commonplace Chartered PLC,  a British multinational banking and monetary companies firm headquartered in London, England, has efficiently leveraged blockchain know-how to conduct Bangladesh’s first blockchain commerce transaction, in accordance with Newage on August 16. 

The Commonplace Chartered financial institution issued a Letter of Credit score (LC) for the commerce between garment exporter Viyellatex Ltd and Viyellatex Spinning on the Contour blockchain community. LC is a letter from a financial institution guaranteeing {that a} purchaser’s cost to a vendor can be acquired on time and for the right amount. 

The whole transaction was reportedly paperless and accomplished digitally by way of Contour’s community. Contour’s blockchain community builds on R3’s Corda blockchain and permits all individuals to leverage the community to create and renew commerce information in real-time for world distributed digital buying and selling. It added that:

“Contour improves information transparency, removes administration prices and reduces friction in world commerce: all of this resulting in an general improve in effectivity and discount in prices for all events.”

Viyellatex Group chairman and CEO KM Rezaul Hasanat mentioned:

‘Blockchain know-how will definitely improve buying and selling effectivity and cut back turnaround time of the LC course of. Therefore, we’re very glad and proud to collaborate with Commonplace Chartered Financial institution and turn out to be part of the primary commerce transaction in Bangladesh utilizing the revolutionary blockchain know-how.”

As Cointelegraph beforehand reported, German banking and tech giants have utilized Corda’s platform to finish a 100,000 euro cash market safety transaction.

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