Someone should Fix Trade Financing Using Blockchain/smart Contract

[Payment21]

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 (Importer’s bank)

2.   An advising bank –to notify the seller of the payment guarantee (Exporter’s 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.