Standard Chartered Bank See’s Success With Voltron
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Standard Chartered are a leading British banking and financial service firm that have recently announced some very exciting news from within their native blockchain project known as Voltron.
Voltron is a blockchain based financial trading platform, one that has been set up as a platform to encourage the use of blockchain technology for institutional level financial trade. Standard Chartered really are spearheading some very interesting developments with Voltron, so, to hear that the first successful transaction has taken place within the network is very exciting news indeed.
According to Coindesk:
“Standard Chartered Bank has announced the successful completion of its first international letter of credit (LC) transaction on the blockchain-based trade finance platform Voltron. In an announcement Wednesday, the bank said it had conducted the pilot transaction for PTT Group, PTT International Trading Pte Ltd and IRPC Public Company Limited, which involved shipment of an oil product from Thailand to Singapore.”
In an official statement, the bank has said:
“Standard Chartered was able to digitise and simplify the end to end exchange of information between all parties in the transaction on the Voltron platform, including the issuance, advising and negotiation of LC and presentation of documents. This pilot transaction marks the first of many that will follow from our participation with Voltron to digitise trade and enhance the client journey. As our clients increasingly look to technology to address the challenges of today’s global trade environment, we are extremely optimistic and excited about the potential opportunities that Voltron brings to the industry with its demonstrated benefits in improved speed and reduced risks of settlement, as well as its flexibility in connecting banks, businesses and other third-party providers in its network.”
Using technology to connect banks and businesses in this way is exactly what the blockchain was made for, therefore it’s very exciting to see a firm as large as Standard Chartered leading the way with this. In its first trials, Voltron seems to be working well and has provided a very efficient platform for the facilitation of trade. Granted, in this instance it’s not like the platform has been used to move billions of dollars, as a matter of fact, the trail is quite meaningless. However, this proves that within Volton, the building blocks are there to ensure that in the future, the platform can facilitate huge financial transactions and that Voltron can grow from this, hopefully becoming the business to business blockchain based trading platform of choice. The future’s bright in this one.