Lloyds Bank adopts blockchain technology for trade finance

Friday 27 September 2019 14:23 CET | News

UK-based retail and commercial Lloyds Bank has joined forces with commodity trade finance network Komgo to integrate DLT into its trade finance operations.

Komgo’s platform is powered by Enterprise Ethereum blockchain, enabling the digitization of the entire commodity trade finance process, while also making it possible for businesses to exchange data and other documents including letters of credit in a decentralized and secure way. Reportedly, in addition to using Komgo’s blockchain solution to fast track its trade finance and letters of credit transactions, Lloyd’s Bank will also be able to curb fraudulent activities, since the bank and its partners will now be able to monitor transactions in real-time.

While international trade finance has numerous risks and bottlenecks associated with it, the issue of time in-efficiency, unending paperwork as well as unnecessary third party involvement are some of the most critical challenges plaguing market participants.

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Keywords: Lloyds Bank, blockchain, trade finance, banking, financing , blockchain, distributed ledger technology, UK, Europe, descentralized blockchain
Countries: World

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