Banks trial distributed ledger for trade financing with R3
Firms are keen to move from paper-based to digital contracts
Fifteen members of R3’s blockchain consortium have concluded two trials of prototype systems using distributed ledger technology, to assess how it could improve the way trade finance contracts are conducted between signatory parties in an industry worth $45 billion.
The banks taking part in the trials tested smart contracts – self-executing transaction agreements – in an attempt to improve invoice financing and letter-of-credit transactions; two of the most widely used methods of trade
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