[2017-05-17] ET: Kotak Mahindra Bank enables blockchain based trade financing

Kotak Mahindra Bank enables blockchain based trade financing operation

http://economictimes.indiatimes.com/industry/banking/finance/kotak-mahindra-bank-enables-blockchain-based-trade-financing-operation/articleshow/58714243.cms

Private sector lender Kotak Mahindra Bank has enabled end to end trade financing for one of its clients by utilising the blockchain technology thereby reducing the time taken for a letter of credit (LC) to few hours from 20 to 30 days.

LC – a negotiable instrument, is a critical document in both domestic and international trade finance, and is also one of the most tedious documents to process in banking. The time involved in completing the process deprives exporters from utilising their sale proceeds efficiently.