Citibank India has completed its first blockchain-enabled letter of credit transaction on the Contour Network, a decentralized and distributed ledger that enables secure and transparent transactions.
This transaction, valued at $3 million, is expected to reduce transaction time and costs for clients, paving the way for more efficient and secure international trade transactions.
Blockchain technology provides increased transparency, efficiency, and security, making it an ideal solution for the trade finance industry. As more financial institutions and businesses embrace blockchain technology, we can look forward to greater transparency, efficiency, and sustainability in the trade finance industry.
