London-based bank and financial services firm Standard Chartered has completed its first cross-border blockchain letter of credit transaction in the oil industry with Thai state-owned oil giant PTT Group.

On-chain letter of credit

Standard Chartered announced that it has successfully executed a pilot letter of credit (LC) transaction for PTT Group, PTT International Trading Pte Ltd and IRPC Public Company Limited over the Voltron blockchain platform in a press release published on its website on Aug. 7.

Per the release, oil companies are often reliant on letters of credit as a form of…

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Author: Adrian Zmudzinski


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