recently , Bank of America Merrill plc and the Infocomm Development Authority of Singapore have digitised letters of credit transactions using the credit Project 's blockchain technology . This blockchain system mimics a web - based letters of credit transaction in which information is exchanged between importers , exporters and their banks using a private distributed ledger . This allows them to formalise a trade automatically via a series of smart contracts , increasing convenience whilst reducing errors for all concerned .
HSBC, Bank of America Merrill Lynch and the Infocomm Development Authority of Singapore have digitised letters of credit transactions using the Hyperledger Project's blockchain technology. This blockchain system mimics a paper-based letters of credit transaction in which information is shared between importers, exporters and their banks using a private distributed ledger. This allows them to formalise a trade automatically via a series of smart contracts, increasing convenience whilst reducing errors for all concerned.