London-based bank and monetary services firm standard chartered has completed its 1st joint blockchain-based supply chain finance dealing.

Standard chartered declared on August. 5 that the establishment successfully ran their 1st joint deep-tier supply chain finance dealing in partnership with China-based supply chain financing service supplier Linklogis.

The news follows a note of understanding signed by normal chartered and Linklogis in Feb 2019, once the companies agreed to collaborate on expanding the bank’s supply chain visibility, also on support sustainable growth of China’s economy and innovation.

Linklogis platform relies on blockchain tech from Tencent

Specifically, the new dealing reportedly concerned Linklogis’ platform dubbed WeQChain, that relies on blockchain technology from Chinese web large Tencent. By applying the stage, the gatherings planned to flavor up straightforwardness and improve costs of access to credit for upstream providers among the China-based undertaking alluded to as Digital Guangdong.

Digital Guangdong could be an endeavor between Tencent, China Unicom, China media transmission and China Mobile, that created more than 700 advanced administrative administrations and applications and prepared more than 200,000,000 exchanges for the occupants of Guangdong.

According to Xie wen, the pinnacle of commercial banking in China at standard chartered, cooperation with Linklogis and adopting blockchain technology can permit their clients to stay competitive.

Headquartered in London, standard chartered is a global bank centered on businesses in Asia, continent and therefore the Middle East. Earlier this year, Ed Bowles, the previous head of public affairs at standard chartered Bank, was reportedly employed for Facebook’s cryptocurrency project Libra.

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