One can now find Bangladesh on the blockchain map.
The Newage, today, revealed that the Standard Chartered PLC, which is a company that renders banking and financial services from London to the rest of the world, finally used blockchain technology to carry out the first blockchain trade transaction in Bangladesh.
Viyellatex Ltd, a textile manufacturer and Viyellatex Spinning had an agreement on the Contour blockchain network with the help of Standard Chartered bank which finalized the deal by issuing a Letter of Credit. When a Letter of Credit is given, the seller is so certain that that the price of the commodity agreed to be paid by the buyer will arrive in good time.
The whole activity did not involve any paperwork but it was done on the Contour blockchain network. This blockchain network was developed from R3 Corda blockchain. Users are attracted to it because it facilitates trade quickly even when the parties involved are far apart. According to the report:
“Contour improves data transparency, removes administration costs and reduces friction in global trade: all of this leading to an overall increase in efficiency and reduction in costs for all parties.”
The chairman and CEO of Viyellatex Ltd, Rezaul Hasanat had this to say:
‘Blockchain technology will certainly increase trading efficiency and reduce turnaround time of the LC process. Hence, we are very happy and proud to collaborate with Standard Chartered Bank and become a part of the first trade transaction in Bangladesh using the revolutionary blockchain technology.”
In a similar development, the Corda platform has been used by German institutions to process transactions in the money market worth 100,000 euro.