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Electronic Letter of Credit - ELC
Letter of cridet process automation using Blockchain technology
Letter of Credit is one of the most common payment methods available in international trade, as in such contexts, banking channels are used for payment between parties involved who may not trust each other. An LC issued by an issuing bank is often sent to a confirming bank that will undertake to pay the exporter according to the terms of the LC.
Automating this essential process for the banking business using Blockcian technology significantly reduces processing time and thus the operational cost.
To change one block of the chain, you need to change all blocks, which secures the trasnactions done on the chain and reflects the immutability as one of the main characteristics of the Blockchain technology.
Letter of cridet process automation using Blockchain technology
Letter of Credit is one of the most common payment methods available in international trade, as in such contexts, banking channels are used for payment between parties involved who may not trust each other. An LC issued by an issuing bank is often sent to a confirming bank that will undertake to pay the exporter according to the terms of the LC.
Automating this essential process for the banking business using Blockcian technology significantly reduces processing time and thus the operational cost.
To change one block of the chain, you need to change all blocks, which secures the trasnactions done on the chain and reflects the immutability as one of the main characteristics of the Blockchain technology.