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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