KATHMANDU: Standard Chartered Bank Nepal Ltd (SCBNL) in partnership with Contour, a digital trade finance network, arranged a Blockchain knowledge sharing session for Nepal Rastra Bank.

During the programme, benefits of distributed ledger technology (DLT), its use cases and how it can help trade finance by removing the inefficiencies of the current system were discussed, as per a press statement.

DLT are transforming global trade into highly organised networks to help improve efficiency and reduce cost in trade financing.

The use of DLT for trade transforms the letter of credit process by managing the entire end-to-end process in a collaborative workflow, giving buyers and sellers instant access and real time visibility of the transaction, all on one connected platform.

A version of this article appears in the print on June 6, 2023, of The Himalayan Times.