Today Standard Chartered
announced it completed a pilot Letter of Credit (LC) transaction on the
Voltron blockchain platform. The shipment was oil cargo going from Thailand to Singapore. The companies involved were Thailand’s national energy company PTT Group, PTT International Trading and PTT subsidiary IRPC. By digitizing the process, the time taken was reduced to under 12 hours from as much as five days for document delivery with paper LCs.
This was Standard Chartered’s first
Voltron pilot transaction, though by no means its first for blockchain trade finance. Jordane Rollin who represents Standard Chartered on the Voltron Steering Committee, hinted at Voltron plans beyond Letters of Credit.
“As the consortium prepares for full commercialization of the network, we are continuously getting feedback from our clients via pilots to enhance Voltron with new features,” said Rollin. “We have also started to ramp up on our contribution to this initiative to expand its offering beyond Letters of Credit and become a new industry standard for digitized traditional trade.”
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