Barclays has partnered with fintech startup Wave to carry out what it claims in the first global trade transaction using blockchain technology.
Wave, an alumni of Barclaysâ€™ New York accelerator programme, facilitated a letter of credit transaction between Ornua, an Irish agri-food firm and the Seychelles Trading Company through its platform with funds sent via Swift.
The platform uses distributed-ledger technology to make the transfer through a decentralised network that all parties can see. This removes much of the paper work and inefficiency of existing financial transactions.
Barclays is calling on other banks to adopt Waveâ€™s platform in an effort to established an industry-wide standard for how trade documentation is managed through blockchain technologies.
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