One of the most important banks in the market, Standard Chartered, has recently completed its first transaction using the new Voltron platform. Voltron is a new blockchain platform focused on the oil industry.
According to the bank, the transaction involved shipments of oil that were moved from Thailand to Singapore by IRPC Public Company Limited and PTT International Trading.
By using the blockchain technology, the bank was able to simplify a lot of the process and to digitize it, leaving the paperwork behind. This way, the communication between the companies involved was considerably enhanced.
Samuel Mathew, known as the global head for Standard Chartered’s trade product management division, affirmed that the pilot will be the first one of many that will be done to help the company in order to use this new technology in the most advantageous way. According to him, Voltron can improve the speed and flexibility of the process while reducing risks considerably.
The end result is that most transactions will have their time greatly reduced. Before, some trades actually took days. During the pilot, everything was done in the time span of 12 hours.
Another great advantage is to finally be free from all the related paperwork. Paper is inefficient, costly and hard to store. This way, the blockchain improves the transparency of the process at the same time that its efficiency is largely enhanced.
According to Standard Chartered, the company is currently gathering information about the process in order to improve the product for the future and to offer something even better for its clients.
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