I spoke recently with Colin Hayward, CEO of Chinsay, to discuss its recently announced partnership with open trade finance network, Contour. The partnership apparently follows a successful collaboration between the two organisations to produce the industry’s first fully integrated paperless trade between Rio Tinto and Cargill. “Chinsay’s Intelligent Contract Platform (ICP) was supported by Contour’s trade finance network powered by R3’s Corda blockchain, allowing Rio Tinto to sell a bulk shipment of iron ore from Australia to China for a Cargill customer. This successful application of Contour and Chinsay’s technology provided the foundation for this partnership.” However, we ended up talking more broadly and in particular, about digitalization. “What seems to have fallen out of the excitement around blockchain in recent years seems to be digitalization,” Colin told me. “Digitalization is seen as the key to innovation, efficiency and transparency and Chinsay is getting traction around digitalizing workflow around the contract, in support of KYC activities and credit, for example.” For example, in the latest initiative with Contour, “Chinsay’s ICP allows corporates to easily capture contract data and share it with other businesses which need access or input. Combined with Contour’s network, this information enables improved communication when conducting Letter of Credit (LC) issuance between banks and corporates. Contour is… continue reading
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