Mizuho completes Australia - Japan trade transaction on blockhain

posted 3 months ago
Mizuho Financial Group, Mizuho Bank, trading and investment firm Marubeni Corporation, and Sompo Japan Nipponkoa Insurance have completed a trade transaction between Australia and Japan using blockchain.

The participants say all trade-related processes, from issuing the letter of credit to delivering documents, were completed entirely via a digital platform in this project.

As a result, Mizuho and the other involved parties say that blockchain brings shorter delivery time for trade documents; reduction of time required to create and transmit documents, as well as labour and other costs through document digitisation; and increased transparency by sharing transaction details with all parties.
Tags: news, blockchain