TRADE FINANCE AFRICA

TRADE FINANCE WITH BLOCKCHAIN IN AFRICA

LETTER OF CREDIT WITH BLOCKCHAIN

A blockchain letter of credit consists of a documentary credit that utilizes the blockchain technology known as blockchain and is likely to become the impending technology that will revolutionize the letter of credit.

The documentary credit with the blockchain will greatly benefit from this new technique, because no one should be unaware that the letter of credit is the subject of several types of fraud, because this banking instrument bases the security of any transaction of foreign trade on documentation which is fallible to fraud and falsification.

The letter of credit thanks to the blockchain will allow a great transparency in the process of the documentary credit, to automate the emission of the L / C but especially to avoid the loss and the falsification as it has been the case in the framework of large fraud organized at the International scale.

The blockchain is certainly an innovation under the letter of credit, but questions remain about its application in emerging countries but also about the experience gained with bitcoin which has not been spared by criminal intentions.

TRADEFINANCE.AFRICA COUNTRIES OF EXPERTISE