News / Blockchain platform launches, aiming to take the strain out of letters of credit

© Aleutie

Developers of a new blockchain platform believe their system can help tackle the 80% rate of data forgery plaguing the supply chain’s $2.3trn letters of credit (LC) market.

As financial instruments, LCs act as a guarantee of payment between importers and exporters through a system managed, usually, by banks.

But cofounder of LC Lite Dimitri Kouchnirenko claims four in five LC documents contain discrepancies that add 20% to transport costs through “unnecessary” administration.

“Data forgery and manipulation are regular in the current market, ...