Recent developments of note include:
LC LITE hopes to streamline the US$2.3T letters of credit (LC) market with a blockchain-based platform. It will connect trade parties directly via a digital solution for cross-border trade transactions requiring letters of credit.
Standard Chartered Bank makes its first Singapore trade finance deal using blockchain.
ZIM Line progresses to next phase of its Blockchain initiative.
Ripple and Euro Exim to trial new blockchain-based trade finance capability.
Chevron, Total and
Reliance have joined a group of oil and gas companies - such as BP and Royal
Dutch Shell, among others - in Vakt, a digital platform for crude oil trading
based on the blockchain technology.