First Turkish-German Trade Finance Transaction on Distributed Ledger Technology
Cointelegraph
Published Jun 07, 2020 11:00AM ET
Updated Jun 07, 2020 12:40PM ET
A major Turkish bank completed the country’s first-ever international trade finance transaction based on distributed ledger technology, or DLT. This adds another milestone to the country’s increasing blockchain efforts.
İşbank, the first Turkish bank to join R3’s Corda platform earlier this year, now became the first bank in Turkey to use blockchain technology on trade finance transactions, Cointelegraph Turkey reported on Jun. 5. Using Corda blockchain technology, İşbank and Commerzbank (DE:CBKG) secured payments by digitally processing the related data transfer. The transaction took place on 27 May 2020 between İşbank, Şişecam, Kuraray Europe GmbH, and Commerzbank AG (OTC:CRZBY) and supported the trade of laminated glass interlayers from Germany to Turkey.
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Written By: Cointelegraph
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