Citi is joining the blockchain trade finance network, Contour. Previously known as the Voltron Letter of Credit blockchain, Contour was commercially launched last month in Singapore. Yesterday it was announced that Citi Ventures has invested in the platform. This is one of several blockchain announcements by Citi in a matter of weeks.
Contour’s focus is digitizing the Letter of Credit process, which is currently very paperwork heavy. It aims to bring improved efficiency and transparency to the process and reduce the reconciliation between banks and trading partners.
As an example of the transparency, typically, paper documents are couriered to separate them from cargo. But that takes time and can be intercepted. Because documents are digitally signed on the Contour platform, they are available in real-time, and there’s confidence that they haven’t been tampered with.
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