When blockchain technology first was implemented into payment services, two areas that appeared to be the most suitable ones were international payments via bank-to-bank transfers and trade finance.
The area of trade finance was also ready for blockchain. The process of trade finance, historically, took a lot of time and involved a lot of paperwork. The scope of manual intervention was huge.
The first application of blockchain payment systems in trade finance took place in 2017. Two branches of Brighann Cotton had to track and pay for their shipments between Texas and China. The two banks involved were the Commonwealth Bank of Australia and Wells Fargo. It became the first live global blockchain transaction between banks.
The Advantages of Blockchain
So, what are those advantages of blockchain technology that make it such an efficient choice for international payments and trade finance? How are blockchain payments useful for online retail and e-commerce? The Potential of Blockchain Payments
Learn everything about the potential of blockchain in the NOWPayments blog!
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