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.