The Asian Development Bank (ADB), headquartered in the Philippines, conducted its first letter of credit transaction using the Contour blockchain network.

The Asian Development Bank (ADB), headquartered in the Philippines, conducted its first letter of credit (LC) transaction using the Contour blockchain network with the support of Standard Chartered. The deal was part of a deal between ADB Bank and the Supply Chain Program, and included Standard Chartered and Vietnam Development and Investment Bank. ADB also identified the first blockchain-based LC transaction between Vietnam and Thailand. The exchange included a $ 50,000 shipment of plastic shipped from Thailand's SCG Plastics to Vietnam's Opec Plastics, according to the World Trade Review. Although ADB did not specifically mention how blockchain helped increase productivity and ease the transaction, Steven Beck, the bank's head of commerce and supply chain finance, said the use of blockchain reduced risks and barriers to entry. Small and medium-sized businesses in developing regions of Asia increase transaction efficiency.

Social distancing measures being implemented around the world due to the coronavirus epidemic have demonstrated the importance of digitizing transactions, and many major institutions involved in international transactions and supply chains have moved to blockchain to digitize processes, eliminate bureaucracy, and resume business. They are driven. The London-based multinational banking company Standard Chartered also made its first blockchain deal in Bandgladsh, introducing South Asia to blockchain innovation. The Quintel Telegraph previously reported that the Australian National Blockchain Organization had suggested to the Australian Ministry of Industry that blockchain technology could be effective in combating food and wine fraud, which costs the country about $ 1.7 billion a year.