CIMB Bank Singapore Collaborates with iTrust for First-Ever Blockchain Trade Financing
Brian Njuguna Oct 18, 2019 08:06
CIMB Bank Singapore and iTrust have collaborated in the first-ever successful blockchain trade financing transaction.
On Oct. 17, CIMB Bank Singapore and iTrust successfully finished their first trade financing transaction. It was founded on iTrust’s functional Blockchain and Internet of Things (IoT) structure.
This collaboration has been exceptional as it has set the ball rolling in the blockchain trade financing arena. Notably, it is the first-ever to be accomplished.
According to Yahoo news,the transaction entails the financing of Chinese dairy products with a speculated transaction flow of nearly US$100 million annually.
iTrust’s Blockchain and IoT
Through its blockchain and IoT platform, iTrust is expected to avail real-time and safe visibility of the cargo in the warehouse and in transit.
Notably, all the transaction’s documents and information will be using a distributed ledger for immutability and provenance.
On the other hand, CIMB seeks to harness iTrust’s transparency and security using its blockchain network. This will be instrumental in mitigating dangers linked to commodity trade financing. As a result, CIMB will be in a position to propel credit extension to its customer base.
Blockchain’s traceability capabilities
Blockchain technology is substantially being embraced because of its traceability capabilities. For instance, it was recently adopted by Dynasty Farms in boosting the traceability and transparency of fresh produce. Conversely, the traceability of coffee origin is being enhanced by a blockchain app.
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