Japanese Bank Mizuho finalizes trade finance transaction on Blockchain with Australia

Transaction took 2 minutes instead of days

Mizuho, one of the giants in Japanese Banking sector completed a trade finance transaction between Australia and Japan using Blockchain. It involved the export of a shipment of goods from Japan to an Australian importer. Everything from issuing the letter of credit to delivering trade documents were done entirely via Blockchain platform.

Mizuho in its pdf report stated, that Blockchain powered trade finance transaction deduced time in the delivery of trade documents, to just two hours instead of days. It also reduces the costs and allowed more transparency with real-time snapshot of the transaction.