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.
Standard Chartered is involved in several blockchain trade finance initiatives. In conjunction with TradeIX, they developed a bank guarantee system for Siemens. TradeIX is the developer behind the Marco Polo network where Standard Chartered is also a participant. Both Voltron and Marco Polo use R3’s Corda blockchain technology.
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