UAE’s Abu Dhabi Commercial Bank (ADCB) announced that it has adopted blockchain for trade finance using Singapore’s dltledgers blockchain platform. The bank’s first transaction involved moving goods for Western Red Spring Canadian Wheat worth $6.5 million, from Canada to Bangladesh.
With this financing, ADCB said it becomes the first bank in the UAE to run an end-to-end blockchain trade finance transaction. Krishnakumar Duraiswamy, ADCB’s Group Head of Trade Finance, said, “This private network allows ADCB to service corporate customers in real-time, increasing transparency and building cross-border interconnectivity.”
In trade finance, blockchain improves the transaction’s speed and transparency for the parties involved. It provides a common platform for businesses to execute trade deals, thus reducing the risk of fraud. Meanwhile, an automated payments system ensures that deal promises are met in time.
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