The UAE's Abu Dhabi Commercial Bank (ADCB) says it has completed the country's first live blockchain end-to-end transaction in a digital process that mirrors traditional paper-based letter of credit (L/C) processing.

The transaction was processed over the dltledgers blockchain platform.

Shipment details

The transaction involved a shipment for Western Red Spring Canadian Wheat worth US$6.5 million from Canada to Bangladesh.

ADCB says its end-to-end blockchain trade finance transaction with full document automation through the dltledgers platform, offers corporate customers significant efficiencies and faster access to cash.

End-to-end visibility

The blockchain process provided parties with end-to-end trade visibility across the entire life cycle of the transaction with authenticated and consented digitised documents at every step.

Parties to the transaction included Islami Bank (Bangladesh), SGS Surveyor, Richardson International Shipping Canada, Banjo Auto Flour Mill Bangladesh and Agrocorp, a large Singapore-based trading house.

The flow mirrors the traditional L/C process, involving agreement of terms, application, issuance, advising, amendment requests and approvals, document presentation, discrepancy resolution and bill settlement instructions.

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