Bank of America, Microsoft Partner for Trade Finance Blockchain Transformation
Testing and development of the initial application is ongoing.
Bank of America and the software giant will build and test technology, create frameworks and establish best practices for exchanges using blockchain. A proof of concept will also be done. Microsoft will serve as advisors and initial test clients.
Both companies said trade finance transactions are "highly manual, time-consuming, and costly." With blockchain, underlying financial processes can be digitized and automated, shorten settlement times, reduce risk, enhancetransparency and improve
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