Siemens teams up with Standard Chartered for blockchain smart guarantees
Trade financing – where financial institutions provide credit facilities to guarantee exchange of goods – is long overdue a blockchain overhaul. Standard Chartered and Siemens believe they’ve made the first step.
The bank guarantee and its myriad forms – from performance bonds to payment guarantees to credit security bonds – is traditionally paper-intensive. But of all the forms of trade finance, bank guarantees are most ripe for a blockchain overhaul.
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