Standard Chartered Partners with DBS in Blockchain Tech for Trade Finance
- By now, the majority of the world's largest banks have become active in the blockchain space.
Another two banks have entered the Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term arena, though this time for a slightly different solution than we've become accustomed to hearing.
The bulk of blockchain development efforts to date have been focused on streamlining securities settlement and cross-border Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term. One of the latest efforts aims to solve the headaches associated with trade finance, particularly in the busy import/export markets of Asia.
According to The Straits Times, citing Bloomberg, Standard Chartered has teamed up with The Development Bank of Singapore (DBS). They have developed a distributed ledger system that will speed up transactions, reduce costs and boost the transparency of international trade.
Traditionally, the business is highly paper-intensive, and can involve a plethora of parties including importers, exporters, financiers, insurers and export credit rating agencies. So in addition to streamlining payments, an ideal solution would also integrate additional elements of record immutability and transparency.
Slowing economic growth in China and a slump in commodity prices have reportedly hurt trade finance operations in the region. The envisioned cost savings can have a meaningful impact on margins.
The two banks have completed tests and plan to collaborate with other companies next year, bank representatives reportedly said.
By now, the majority of the world's largest banks have become active in the blockchain space, performing their own blockchain development or joining consortiums- or both.
Another two banks have entered the Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term arena, though this time for a slightly different solution than we've become accustomed to hearing.
The bulk of blockchain development efforts to date have been focused on streamlining securities settlement and cross-border Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term. One of the latest efforts aims to solve the headaches associated with trade finance, particularly in the busy import/export markets of Asia.
According to The Straits Times, citing Bloomberg, Standard Chartered has teamed up with The Development Bank of Singapore (DBS). They have developed a distributed ledger system that will speed up transactions, reduce costs and boost the transparency of international trade.
Traditionally, the business is highly paper-intensive, and can involve a plethora of parties including importers, exporters, financiers, insurers and export credit rating agencies. So in addition to streamlining payments, an ideal solution would also integrate additional elements of record immutability and transparency.
Slowing economic growth in China and a slump in commodity prices have reportedly hurt trade finance operations in the region. The envisioned cost savings can have a meaningful impact on margins.
The two banks have completed tests and plan to collaborate with other companies next year, bank representatives reportedly said.
By now, the majority of the world's largest banks have become active in the blockchain space, performing their own blockchain development or joining consortiums- or both.