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Standard Chartered to use blockchain to accelerate oil completion deals

07 Aug 2019 : 15:29
2 min read

Standard Chartered, the British multinational banking and financial services giant, has completed its first transaction related with the Oil Industry using Blockchain technology.  The official announcement came via a blog post from SC on August 7:

 “Standard Chartered Bank has successfully executed a pilot transaction for PTT Group, PTT International Trading Pte Ltd and IRPC Public Company Limited, paving the way in transforming documentary trade with the first cross-border Letter of Credit (LC) issued over the Voltron blockchain platform in the oil industry”.

The transaction was made by using Voltron’s platform, which is a blockchain-based open industry platform which is helping big businesses in the approval and issuance of letter of credits. With the help of Voltron, the British multinational will be saving a considerable amount of time in paperwork and in the delivery of documents. Thus, the bank will be significantly reducing the time needed to complete the trade (which in the past could take hours or even days).

Samuel Mathew, the Global Head Documentary Trade Product Management at Standard Chartered Bank commented on the milestone:

“This pilot transaction marks the first of many that will follow from our participation with Voltron to digitise trade and enhance the client journey. As our clients increasingly look to technology to address the challenges of today’s global trade environment, we are extremely optimistic and excited about the potential opportunities that Voltron brings to the industry with its demonstrated benefits in improved speed and reduced risks of settlement, as well as its flexibility in connecting banks, businesses and other third-party providers in its network.”

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Michela Silvestri

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