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Bitcoin => Bitcoin Discussion => Topic started by: Payment21 on February 06, 2017, 02:46:45 PM



Title: Someone should Fix Trade Financing Using Blockchain/smart Contract
Post by: Payment21 on February 06, 2017, 02:46:45 PM
Did you know that you may need up to for banks to complete an international trade through trade financing?

1.   An issuing bank-to write a letter of credit (Importerís bank)

2.   An advising bank Ėto notify the seller of the payment guarantee (Exporterís bank)

3.   A nominated bank-to pay the advising bank on behalf of the issuing bank

4.   A confirming bank-to authenticate documents on behalf of the issuing bank and advising bank

We should use the blockchain/smart contracts to make international trade more efficient and less bureaucratic.