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Over 50 Banks Simulate Letter of Credit Transactions on R3’s Blockchain in 27 Countries

Published 05/08/2019, 11:55 AM
Updated 05/08/2019, 12:03 PM
Over 50 Banks Simulate Letter of Credit Transactions on R3’s Blockchain in 27 Countries

Over 50 banks participated in the simulation of letter of credit transactions on R3’s blockchain platform in 27 countries on six continents. The company announced the development in a press release published on May 8.

Per the release, 96% of the participants said that the system — dubbed Voltron — will accelerate and reduce the cost of their letters of credits procedure. Furthermore, 86% of them reportedly believe the inefficiencies of the traditional system are becoming intolerable.

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