Distributed Ledger Technology (DLT) based trade financing operations reach a new high as Mizuho Fintech takes the lead in the operation between the two channels of trade connections.
With Marubeni Corporation completing the latest project in collaboration with Sompo Japan Nipponkoa Insurance between Australia and Japan.
The transactions involved a wide range of varied documents fully digitized, and data shared between the partners, as well as within multiple user groups in the loop.
Utilizing the technology power of DLT, the partners exchanged information and records from issuing letters of credit to delivering trade documents in one seamless operation across the digital platform.
The technology move drastically cut down processing and transmission time between the trading partners, delivered the documents with much ease and speed, improved the transparency between the links and made life simple for administration of the transaction.
The Bank, however is a bit cautious on a large-scale expansion of the project.
“A number of stumbling blocks still remain before further progress in a live trading environment can be achieved”, said one official from Mizuho.
The system will soon explore possibilities of overcoming the obstacles including sharing of data, safely and securely, with parties not on the permissioned blockchain protocol and also will discover ways and means of larger transmission blocks of supplementary information related to any specific transaction.
