Blockchain platform launches, aiming to take the strain out of letters of credit

February 6, 2019 Alexander Whiteman

Developers of a new blockchain platform believe their system can help tackle the 80% rate of data forgery plaguing the supply chain’s $2.3trn letters of credit (LC) market.
As financial instruments, LCs act as a guarantee of payment between importers and exporters through a system managed, usually, by banks.
But cofounder of LC Lite Dimitri Kouchnirenko claims four in five LC documents contain discrepancies that add 20% to transport costs through “unnecessary” ...

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