Contour, the blockchain-based open industry platform formerly known as Voltron, has announced a partnership with Chinsay, a technology company specialising in supply chain data capture and risk management.

The partnership aims to improve communications in letter of credit (L/C) processing.

Successful collaboration

The announcement follows a successful collaboration between the two organisations in producing the industry's first fully-integrated paperless trade between Rio Tinto and Cargill.

Chinsay's Intelligent Contract Platform (ICP) was supported by Contour's trade finance network powered by R3's Corda blockchain, allowing Rio Tinto to sell a bulk shipment of iron ore from Australia to China for a Cargill customer.

Improved L/C communications

The aim of Chinsay's ICP is to allow corporates to easily capture contract data and share it with other businesses which need access or input.

Combined with Contour's network, this information enables improved communication when conducting L/C issuance between banks and corporates.

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