London-based Standard Chartered Will Start Using The Blockchain For Supply Chain Finance
Standard Chartered, a bank based in the U. K., has just made its first transaction using a new blockchain-based supply chain application. According to the bank, they did it with Linklogis, a supply chain company based in China.
The two companies signed the partnership back in February 2019. At the time, they agreed on collaborating in order to expand the visibility of the bank’s supply chain. The Linklogis’ platform called WeQChain was used for the new transaction. This platform is based on the technology from Tencent, the Chinese tech giant.
According to the official press release, the main idea is to boost the transparency of the bank at the same time that the processes are being optimized. Another goal is to optimize the way that people can access credit on Digital Guangdong.
In case you don’t know, Digital Guangdong is a joint company made by four giant ones: China Telecom, China Unicom, China Mobile, and Tencent. Since its creation, the project has been responsible for creating over 700 digital applications.
Xie Wen, who works like the Chinese head of commercial banking for Standard Chartered’s local division, believes that the partnership will be very important in order to help the company to remain competitive in a scenario in which several participants are starting to upgrade their technology.
Standard Chartered is an important bank that is headquartered in the U. K. but has a strong presence in several continents such as Asia and Africa.