HSBC Bangladesh uses blockchain to import 20,000 tons of fuel oil from Singapore

Cointelegraph

Published Nov 03, 2020 12:46AM ET

Updated Nov 03, 2020 02:20AM ET

The Bangladesh branch of global banking firm HSBC has conducted the country’s first blockchain-based letter of credit (LC) transaction on the Contour DLT platform.

The transaction was used to settle the importation of 20,000 tonnes of fuel oil from United Group’s Singapore subsidiary United Mymensingh Power.

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