Tata Steel has executed a blockchain-enabled paperless export order with a metals major in Bangladesh. This makes it the first such deal executed between an India-based company and a counterparty in Bangladesh assisted by different banks at respective ends, Tata Steel said Wednesday.

This transaction was facilitated by Standard Chartered and was conducted on Contour’s blockchain trade platform, which enables banks, corporates, and other trade partners across the world to transact with each other. Standard Chartered Bank advised and confirmed the letter of credit (LC) favouring Tata Steel basis instructions received over Contour and was also able to present documents to the Buyer’s Bank over the platform. This helped in early resolution of discrepancies and reducing the overall turn-around-time from weeks to days, UNI news agency reported. 

Read more at: https://www.southasiamonitor.org/economybusiness/tata-steel-executes-inaugural-blockchain-enabled-trade-between-india-and-bangladesh