Why we use Blockchain. And so should you.
Banks struggle with manual processes and stringent requirements for managing, tracking and securing domestic and cross-border trade transactions. For example, processes for corporate trade financing letters of credit are typically paper-based and fragmented. This can make financing even more challenging for the 50 percent of smaller enterprises that may have no credit sources.
Blockchain-based smart contracts can automatically store, secure and exchange contract details and financial terms; coordinate trade logistics and payments on an integrated real-time network; and streamline digital trade processes. Ledger transactions can flow from one small enterprise to another through a trusted bank. Larger firms can also benefit by better tracking of trade finance transactions.