Top Chinese chemical firm uses blockchain to cut trade financing costs
Amid the pandemic, blockchain is alleviating the pressure in China’s petrochemical trade. One of China’s largest chemical producers has launched a new Blockchain Warehouse Receipt Platform to help the industry combat the rising costs of operations and trade financing.An increased demand for more environmental and safety measures amid the pandemic has further driven costs up in China’s petrochemical trade. Small enterprises were already struggling to meet the credit conditions of financial lenders, as a lack of effective risk control and difficulties in securely tracking transaction....
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End-to-End Digital Traceability
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Banks are exploring blockchain or distributed ledger technology as a way to prevent fraud risk in the $4 trillion trade financing industry. Standard Chartered Plc, having lost nearly $200 million in fraud at Qingdao port two years ago, has partnered with DBS Group Holdings Ltd. to establish an electronic invoice ledger using a blockchain. HSBC Holdings Plc and America Corp. are also looking at blockchain for trade finance in addition to other applications. Trade financing, a centuries-old mainstay of banking, could become the starting point for blockchain adoption since it can eliminate....