Moves to make blockchain key to trade finance anti-fraud efforts

摘要

There is growing evidence thatrnbanks are exploring blockchainrnor distributed ledger technologyrnas a way to prevent fraud riskrnin the $4 trillion trade financingrnindustry. It was reported recentlyrnthat Standard Chartered plc, whichrnlost nearly $200 million in fraudrnat Qingdao port two years ago,rnhas partnered with DBS GrouprnHoldings Ltd to establish anrnelectronic invoice ledger usingrna blockchain, and that HSBCrnHoldings Plc and America Corprnare also looking at the blockchainrnfor trade finance in addition tornother applications. Citigroup Inc isrnmeanwhile reported to be in earlyrnexploratory stages to determinernhow the technology can assistrnin trade and treasury.