StanChart, DBS’s Trade Finance Distributed Ledger: How It Works
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Standard Chartered Plc and DBS Group Holdings Ltd. developed and tested a distributed ledger late last year that may offer a solution to the risk of multiple-invoice fraud faced by the largest trade-finance banks.
The trial, code-named TradeSafe, involved as many as 60 mock invoices lodged on a ledger that utilized Ripple technology, a parallel platform to blockchain. The two banks are working with the Infocomm Development Authority of Singapore, which seeks to advance technology and telecommunications in the city, to promote the system.