The third-largest bank in Japan, Sumitomo Mitsui Banking Corporation (SMBC), has revealed that it will be implementing blockchain technology commercially to carry out trade finance activities, after a successful proof-of-concept test.

Adopting the Marco Polo Blockchain Platform

According to a report by Kryptomoney, SMBC made an announcement that it will be adopting the Marco Polo blockchain platform developed by R3 and Trade IX to perform trade finance activities.

SMBC disclosed that it had already carried out a proof-of-concept (PoC) test in a trial that successfully completed a cross-border transfer between Mitsui & Co, Indorama Ventures, and Bangkok Bank.

The Marco Polo blockchain platform will enable SMBC to make real-time transactions and grant access to the platform to other stakeholders, in order to enhance the efficiency of the operation and greatly improve transaction speeds compared to traditional banking methods.

The decentralized platform allows data to be updated and displayed in real-time, such as information relating to shipping routes, schedules, invoices, and documentation required for cross-border transactions.

Developing Speedier Transactions with Blockchain

Several banking and financial institutions across Asia have expressed interest in adopting the Marco Polo platform, which have proven to expedite transactions while reducing costs significantly.

Currently, Marco Polo is already utilized by major companies from Standard Chartered, Bank of America, MasterCard, SMBC, Mitsui & Co, Bangkok Bank, and BNP Paribas.

With more companies in the banking industry adopting decentralized technology, it is likely that blockchain will change the face of finance in the near future.

Source: https://kryptomoney.com

About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

• Telegram: https://t.me/asiablockchainreview
• Facebook: https://www.facebook.com/pg/asiablockchainreview
• Twitter: https://twitter.com/abr_blockchain
• LinkedIn: https://www.linkedin.com/company/asia-blockchain-review/
• Website: https://www.asiablockchainreview.com/
• Email: [email protected]
• Youtube: https://www.youtube.com/channel/UCMQ5CVu0c9-pMlwB8LUvkiA