Trade Finance

Multiple trade finance tasks entail massive paperwork, like invoices, letters of credit, etc. All parties involved in the trade financing procedure must have an updated record of transaction documents. Besides the task being time-consuming, it also entails a lot of paperwork.

Blockchain systems can assist in the entire process of trade finance by removing massive paperwork and employees. The technology eliminates the need to have multiple copies of a similar document and can combine essential data in a single form. Furthermore, through blockchain technology, the document’s updates are done in real-time, and each participant in the network can see it.