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Bank of America Merrill Lynch, HSBC and the Infocomm Development Authority of Singapore IDA are using a blockchain prototype to streamline the paper-heavy world of global trade.
The consortium used the Linux Foundation open source Hyperledger Project blockchain fabric, supported by IBM Research and IBM Global Business Services.
The application mirrors a paper-intensive Letter of Credit LC transaction by sharing information between exporters, importers and their respective banks on a private distributed ledger.
This then enables them to execute a trade deal automatically through a series of digital smart contracts, said a statement.
The proof of concept shows potential to streamline the manual processing of import/export documentation, improve security by reducing errors, increase convenience for all parties through mobile interaction and make companies' working capital more predictable.