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HSBC Adopts R3 Corda Blockchain For Letter Of Credit On Blockchain

There is countless paperwork involved in conventional trading systems across borders. For instance, exporters and importers have to wait for their respective banks to verify purchase and receipts before issuing a letter of credit.

All because there is no trust within the system. So, the need for a trustless system that will automate a letter of credit is a must.

The average time to issue a Letter of Credit is 5–10 working days. However, that won’t be the case for a letter of credit on the Blockchain.

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