The company announced that the test saw participation from Marubeni Corporation, a Japanese trading conglomerate, and domestic insurer Sompo Japan Nipponkoa Insurance. According to Mizuho, during the test, information was transmitted between Japan and Australia, with all trade-related processes, from issuing the letter of credit to delivering trade documents, completed entirely using a digital platform based on blockchain.
Among the benefits highlighted by the trial: faster document delivery times and increased transparency. Furthermore, Mizuho said that the digitization of the process cut the amount of time it takes to create and disseminate trade finance-related documentation, as well as reduce the human labour required.
Nevertheless, the bank noted that those benefits are not as meaningful if some of the parties to trade finance transactions are not actually using the same system.
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