Banks Look To Blockchain To Reduce Fraud In $4 Trillion Trade Finance Field
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....
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DBS and Standard Chartered will soon launch a trade finance platform for central banks worldwide. The Singapore-based multinational banking entity DBS and Standard Chartered have completed the proof-of-oncept of their blockchain trade finance platform called the Trade Finance Registry.The two entities developed the PoC in collaboration with 12 other banks on top of the blockchain platform of Singapore-headquartered company dltledgers. dltledgers told Cointelegraph that the banks involved in the project now intend to launch the platform for commercial use by central banks around the....
With contributions from BNY Mellon and Rabobank, FinTech Network have composed a whitepaper that outlines Four Blockchain Use Cases for Banks. The paper highlights areas where distributed ledger technology could disrupt the way that financial institutions currently do business including: Fraud Protection: How blockchain offers complete transparency on all asset transfers helping to enable real-time fraud analysis and prevention. Know Your Customer: How KYC statements can be stored on the blockchain to reduce admin burdens and costs whilst outlining the concerns that still need to be....
Although DBS and Standard Chartered have tried their ledger of invoices at the end of 2015, not too many details have been revealed regarding their progress ever since. Even more financial institutions are turning towards the blockchain these days, as the technology will help financial players reduce overhead costs and offer better security standards. DBS and Standard Chartered have partnered up to venture into the world of blockchain technology in an attempt to reduce fraud rates. DBS and Standard Chartered Take On The Blockchain. It is positive to see financial entities actively explore....
Now that blockchain technology has been gaining more traction in terms of its practical applications, many experts have already commented on how it could transform the financial industry. Former JPMorgan executive Blythe Masters, who is now the CEO of blockchain technology firm Digital Asset Holdings, said that this could be used to help financial services institutions improve customer service. Masters also said that the first major application of blockchain could be in post-trade processing rather than payments, which has been mostly the realm of the cryptocurrency bitcoin. She added that....
London-based Standard Chartered and Singapore-based bank DBS have partnered together to develop a distributed ledger for trade finance in Singapore after successfully testing the technology among each other. As reported by Bloomberg, the two banks are coming together to work and develop a distributed ledger in order to make transactions simpler and more transparent in trade finance. The publication adds that the two banks have tested the distributed ledger between themselves, successfully, and will invite other companies to collaborate with the now proof-of-concept system in 2016. The....