The founders of global invoice finance provider Incomlend are launching a blockchain-based letter of credit (L/C) platform.

The developers claim the platform will allow importers and exporters to issue, amend, track and execute letters L/Cs without the involvement of banks.

Problem solving

LC Lite aims to solve many of the current challenges faced with existing L/C processing, including delays and documentary errors.

The platform also endeavours to curtail data forgery and manipulation, which the developers say occur regularly in the current market.

Intermediaries redundant

The new platform enables trading parties to transfer, track and validate transactional documents directly between one another, replacing traditional banking intermediaries and Interbank (SWIFT) messaging systems.

Transactions occur via a secure LC Lite smart-contract on a private chain, increasing speed, while reducing fraud and double spending.

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