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.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Avatar
Gabriel Machadohttps://bitcoinexchangeguide.com/
Brazilian journalist who is interested in the future of the financial world. Has a special interest in the blockchain technology and the global financial markets. Covers economic and technology news with a focus on the fintech industry and has been writing about the cryptocurrency market since the start of 2017.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,486FansLike
2,795FollowersFollow
4,267FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

IRS to Revise Form 1040 to Make it Harder for Traders to Escape Crypto Tax Obligation

The Internal Revenue Service is planning to change the 2020 tax form and make sure all taxpayers report about their cryptocurrency transactions. The standard 1040...

China State-Owned Media Covers Crypto as 2020’s Best Performing Assets Driven by DeFi & Weak Dollar

In an unusual coordinated report on Friday, several Chinese state-owned media covered cryptocurrencies, calling them the best-performing assets of 2020. The country’s top broadcaster, China...

Crypto Exchange Gemini Makes an Aggressive Move, Adds 15 Hot DeFi Tokens

DeFi is all the rage in today's crypto world, and no one wants to be left behind, especially cryptocurrency exchanges. Over the past few months,...

Ethereum ‘Getting Ready for Spadina' Testnet Next Week

The Spadina testnet of ETH 2.0 has been scheduled for genesis before the month ends, on September 29 at 12 pm UTC, as per...

KuCoin Hack: Exchange’s Insurance Fund to Cover User Loss “Completely,” Tether Freezes 33M USDT

The Singapore-based cryptocurrency exchange KuCoin released a statement regarding detecting large withdrawals on September 26, 2020, at 03:05:37 (UTC+8). The exchange has reportedly lost $150...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today