Blockchain can shield banks from billion-dollar trade finance scandals, says exec

The pressure induced by the ongoing economic crisis, obsolete trade finance systems and mounting geopolitical tensions is pushing the international trade finance industry down a rabbit hole.

To add to the already critical situation, recent trade finance scandals involving major players such as Hin Leong, ZenRock, Agritrade and Hontop Energy amounted to a loss of almost $6 billion that was mostly borne by banks.

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