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A consortium of banks, including BNP Paribas, Citibank, HSBC, and Standard Chartered, launched the Contour trade finance platform on October 5.
Contour is a blockchain-based trade finance platform that digitizes processes across a variety of assets, including commodities, petrochemicals, energy, metals, retail goods and textiles
HSBC tweeted about the "decentralized" platform, which is built on R3's Corda permissioned blockchain technology
The community is largely amused by the decentralized label, and question how the platform is decentralized; others are appreciative of the fact that the technology is being adopted
The platform has been in beta since January 2020, and is now a standalone entity
Results have shown a 90% reduction in processing times, bringing end-to-end times down from an average of 10 days to under 24 hours
The eight banks that are behind Contour are Bangkok Bank, BNP Paribas, Citibank, CTBC, HSBC, ING, SEB and Standard Chartered
Contour has been in the works for years, originally existing as Voltron on R3’s Corda in 2017, and has conducted several experiments and pilots since
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