Standard Chartered has teamed up with DBS Group to develop an electronic ledger of invoices that uses a parallel platform to the blockchain employed in bitcoin transactions.
The move comes after the UK-based lender lost almost USD 200 million from a fraud at China’s Qingdao port in 2014.
Lenders such as Bank of America and HSBC Holdings are also looking at blockchain for trade finance and other banking applications, according to the report.
Trade financing may become ground zero for blockchain adoption because it promises to do away with paper invoices and the fraud that accompanies them.
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