Tata Steel Rolls Out Blockchain-Enabled Paperless Business Between India And Bangladesh

Jamshedpur 25th Nov 2021: Tata Steel has executed a blockchain-enabled paperless export order with a leading metals company in Bangladesh.

This is the first such deal between a company in India and a counterparty in Bangladesh, which is assisted at respective ends by various banks.

The transaction was facilitated by Standard Chartered, India, and was conducted on Contour’s blockchain trading platform, which enables banks, corporates, and other business partners across the world to transact with each other.

This integrated solution using blockchain technology allows all parties involved in a transaction to communicate in real-time on a single platform.

It aims to reduce processing time compared to the traditional paper-intensive process of LC by digitizing the entire LC process and eliminating operational inefficiencies.

In addition, this technology also enhances the security of transactions.

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