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.
However Mizoho also discussed the setbacks one of which is the fact that you cannot transmit trade information to parties who have yet to adopt the Blockchain, and the lack of international standards for the Blockchain. “Building on this trade transaction project, Mizuho aims to further explore the practical business application of blockchain/DLT and to offer technologically sophisticated, client-focused services going forward,” the banking group added in summation.