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Sberbank Conducts the First Letter of Credit Transaction on the Blockchain

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Sberbank Conducts the First Letter of Credit Transaction on the Blockchain

Post by Vladdirescu on Tue Jun 06, 2017 2:36 am

Russia’s largest bank, Sberbank, and steel and mining company "Severstal" have successfully used Blockchain technology to conduct international letter of credit transactions.

One of the Belarusian counterparties of PAO Severstal and Sberbank had already tested the issuance of an international letter of credit under a contract for the supply of steel. Sberbank announced the result of their first test of international letter of credit transactions using blockchain technology at the XXI St. Petersburg International Economic Forum last week, noting that this is the first of its kind Blockchain-based transaction in Eastern Europe.

You can read the full article and take part in the discussion here: https://coinidol.com/sberbank-conducts-letter-of-credit-on-the-blockchain/


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