A blockchain-based trade finance network is ready for commercial launch in Singapore during the second quarter of 2020.
The project follows a successful product trial that included more than $30 million in letter-of-credit transactions last year usfinancer
Carl Wegner, Contour CEO, said:
“We’re always aiming to increase our industry partnerships in order to give clients the best service possible. With this relationship, our users will be able to make use of our fully digitized LCs through their TradeCloud service.”
“Our network provides trusted information in real-time, digitizing the LC process for all users. Corda has also provided a natural fit for establishing a larger, more collaborative ecosystem for trade finance,” Wegner said.
As the coronavirus continues to impact global markets, the new platform can ensure that trade continues to run smoothly even in times of crisis.
Wegner said his company is going to continue achieving its goal of promoting customer exposure and growing savings, especially after having partnered with TradeCloud.
The Blockchain technology has been proved to be helpful to trade finance, as it allows online authentication of customs records and related funding balances.
For his part, Simon Collins, TradeCloud CEO, said:
“This new partnership with Contour is part of our ambition to offer a seamless and complete service to our commodity customers. Through utilising Corda’s enterprise blockchain, we are able to integrate our contracts and logistics solution with Contour, to provide an enhanced offering to our clients.”
He added that clients seek interoperation of networks, and this can be achieved through the integration of TradeCloud, Contour and Corda.
Blockchain’s role in combating coronavirus
Some organizations are also testing the Blockchain capabilities in tracking medical supplies and managing health records.
Moreover, governments and health authorities will use the Blockchain technology in advising citizens and learning about the symptoms of coronavirus disease.
The Blockchain may also contribute to tracking donations in favor of efforts to combat the “Covid 19”.