Lloyds Bank adopts blockchain technology for trade finance

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.