A new blockchain platform for participants in the supply chain may provide traders with improved access to letters of credit (L/Cs) according to the developers, Distributed Ledger Technologies (DLT).

Singapore-based DLT has created a new blockchain platform called #dltledgers, a cloud-based solution that claims to reduce paper-based processing and improve security and transparency along the supply chain.

L/C advantage

The developers say their solution could enable trading companies to easily connect to their supply chain networks and digitalise trade processes and documentation.

They say it could also give banks and other lenders greater confidence when offering L/Cs and financing.

Full visibility

"All parties along each step of a supply chain have full visibility over every transaction," according to Suji Thampi, chief technology officer at DLT.

"It brings transparency and speed to the whole process, and that means more business can be done with certainty and security," he says.

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