First Bitcoin trade happened in Bangladesh by Standard Chartered

August 17, 2020

Bitcoin's energy use

Bangladesh is presently on the blockchain map.

Standard Chartered PLC, a British worldwide banking and monetary administrations organization headquartered in London, England, has effectively utilized blockchain innovation to lead Bangladesh’s first blockchain exchange, as indicated by Newage on August 16.

The Standard Chartered bank gave a Letter of Credit (LC) for the exchange between article of clothing exporter Viyellatex Ltd and Viyellatex Spinning on the Contour blockchain arrange. LC is a letter from a bank ensuring that a purchaser’s installment to a vender will be gotten on schedule and for the right sum.

The whole exchange was apparently paperless and finished carefully through Contour’s system. Form’s blockchain arrange expands on R3’s Corda blockchain and empowers all members to use the system to make and recharge exchange information ongoing for worldwide disseminated computerized exchanging. It included that:

“Shape improves information straightforwardness, expels organization costs and decreases grating in worldwide exchange: the entirety of this prompting a general increment in effectiveness and decrease in costs for all gatherings.”

Viyellatex Group director and CEO KM Rezaul Hasanat stated:

‘Blockchain innovation will positively build exchanging productivity and decrease turnaround season of the LC procedure. Subsequently, we are exceptionally upbeat and pleased to work together with Standard Chartered Bank and become a piece of the principal exchange Bangladesh utilizing the progressive blockchain innovation.”

As Cointelegraph recently revealed, German banking and tech monsters have used Corda’s foundation to finish a 100,000 euro currency showcase security exchange.

Image Courtesy : Pixabay

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