Note from the CEO: Another way to use the blockchain technology. Letters of Credit. This makes sense and should streamline the smart contract space. Obviously the more efficient, the better.
“Many financial institutions are focusing their attention on the blockchain industry right now. Prototype solutions are being built all over the world, as the financial sector is prone to disruption. The Infocomm Development Authority of Singapore, HSBC, and Bank of America Merrill Lynch are focusing their attention on Letter of Credit transactions.
Executing financial transactions on the blockchain happens every single day in the Bitcoin space. But executing Letter of Credit transactions is an entirely different matter. A new alliance between HSBC, IDA Singapore, and BofAML aims to tackle this concept. In doing so, the involved parties want to make trading more efficient for companies and banks.”