Singapore-based blockchain platform dltledgers is keen on its expansion and has laid out a plan to expand itself to Japan, Australia and Dubai, as well as launch two new features that will facilitate easier and cheaper access to finance for commodity traders.
The blockchain startup has announced that more than 30 banks and 340 trading houses are now onboarded to the platform, which has facilitated more than S$1bn-worth (US$730mn) of trade finance transactions since its launch 18 months ago.
Based on Hyperledger Fabric, dltledgers is a production-grade solution that enables trading companies to connect to their supply chain network and digitalise trade processes and financing documentation. Smart contracts allow traders to automate the creation of trade flows and build a digitally signed consensus framework among multiple parties.
Banks and other trade finance providers, meanwhile, can offer instant trade financing support through the platform, which facilitates letter of credit transactions and supply chain financing. All parties have full visibility over a transaction they are involved in.
According to Samir Neji, founder and CEO of dltledgers, the most active financers on the platform so far are Standard Chartered and Singapore’s DBS Bank. DBS first announced it was using dltledgers in November, when it financed a transaction for Agrocorp International.
Standard Chartered completed its first deal on dltledgers earlier this year and said at the time it completed the transaction within 24 hours, which would take five to seven days conventionally.
While the majority of the trading companies using dltledgers are based in Singapore, the platform will be expanding to Japan, Australia and Dubai in Q3, following its closing of a US$2.5mn pre-series A funding round with global venture capital firm Walden International, which was announced earlier this month.
The new age technologies are impacting business in multiple ways and blockchain is the go-to technology as we speak of finance and technology. dltledgers blockchain platform allow traders on the platform to automate the creation of trade flows and build a digitally signed consensus framework among multiple parties.