Standard Chartered Completes First Transaction on Oil Industry Blockchain Platform Voltron

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Standard Chartered Bank has announced the successful completion of the first international letter of credit (LC) transaction on the oil industry-focused blockchain platform Voltron.In an announcement Wednesday, the bank said it had conducted the pilot transaction for PTT Group, PTT International Trading Pte Ltd and IRPC Public Company Limited, which involved shipment of an oil product from Thailand to Singapore.“Standard Chartered was able to digitise and simplify the end to end exchange of information between all parties in the transaction on the Voltron platform, including the issuance, advising and negotiation of LC and presentation of documents,” the bank said.According to Samuel Mathew, global head of documentary trade product management at Standard Chartered:Sending the documents electronically over the blockchain platform meant that all participants in the trade were able to view real-time data as the transaction progressed. This, Standard Chartered said, allowed a “significant reduction” in the time needed to complete…

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