The Asian Development Bank (ADB), headquartered in the Philippines, has settled its first letter of credit (LC) transaction using the Standard Chartered-backed Contour blockchain network.

The trade was a part of ADB’s trade and supply chain program and involved Standard Chartered and the Bank for Investment and Development of Vietnam.

Although ADB did not specifically mention how blockchain added to the efficiency of the trade settlement, Steven Beck, the bank’s head of trade and supply chain finance, said that the use of blockchain has made trade more efficient while reducing risk and lowering the barriers to entry for small and medium-sized businesses in developing parts of Asia.

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