Trade Finance Global, in collaboration with TradeIX have put together a whitepaper 'Blockchain and DLT in the International Trade & Shipping Space'.
Consortiums have become a common method for businesses to collaborate on the use of blockchain and DLT technology – which developed out of the technology underpinning cryptocurrencies such as Bitcoin. Since 2017, groups of banks and other financial institutions have come together to create common platforms that can be used by each member of the network. More than 30 such consortia have been founded, most of them having between 10 and 15 initial members but membership is expected to grow.
Although not everyone is yet convinced of the use of blockchain and DLT, the networks can bring trust and visibility and in the near future, for example in international trade, we could see these platforms reducing the time of letter of credit processing from days to minutes if not seconds.
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