The Blockchain in Transport Alliance (BTA) is teaming up with the Wall Street Blockchain Alliance (WSBA) to facilitate the use of blockchain or distributed ledger technology (DLT) in letter of credit (L/C) processing and international trade.

BTA is an association of about 200 companies aiming to standardise DLT in the freight industry while WSBA is a non-profit trade body for companies and professionals operating in the financial market with a mission is to guide and promote blockchain adoption in the financial industry.

L/C applications

Managing director of BTA Craig Fuller, who is also CEO of FreightWaves, said the partnership would rely on influential members to support blockchain implementation across both industries.

"Supply chain is about the movement of product through a system, and we knew that getting banks and financial institutions involved was important for establishing standards to apply blockchain to international cross-border L/Cs, as well as other financial aspects of the freight industry, such as accounts receivable, capital leasing, and financing businesses," Fuller said.

Conference plans

The two organisations intend to organise conferences and educational events related to risk and supply chain management with blockchain technology.

The partners have scheduled a conference for June, when they plan to discuss DLT use cases, smart contracts, and blockchain applications in the transport and financial markets.

This article represents the views of the author and not necessarily those of the ICC or Coastline Solutions.