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Securing a Letter of Credit (LC) is the old and established way for financing international trade. A LC is basically a guarantee provided by a bank that an exporter will receive payment from an importer from another country once certain conditions are met; for example once the goods are shipped. The process is usually very time and labour intensive, as the banks need to run multiple checks on the two sides, exactly they type of bottleneck service that blockchain technology will be best placed to disrupt and replace.
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Today, Bank of America Merrill ... (read more)