Copy link
Increase text size
Decrease text size
Link copied

Yantai Ferry ready to launch blockchain-based LC Issuance platform – Sea Road Chain

Yantai Ferry is enhancing its payments and collections system by implementing a blockchain-based platform.

Thu, 28 Jan 2021, 04:53 am UTC

Yantai Ferry is modernizing its operations by integrating blockchain, the same technology used in cryptocurrencies such as Bitcoin (BTC) and Ether (ETH), into its payments and settlement system. The Korea-China shipping firm has announced that its Blockchain-based Logistics Finance Platform, (BLF Platform) is now being launched.

Conglomerates have been increasingly using T/T and M/T payment methods in recent years compared to LC-based transactions. However, these are mainly post-payment methods where settlement is only made after the products have been dispatched. One disadvantage of these options is that exporters might potentially encounter problems with payment collection.

Yantai Ferry eliminates this issue by utilizing Croad International’s BLF Platform (Blockchain-based Logistics Finance Platform) that enables participants to secure credibility, transparency, and stability while enabling them to participate in blockchain based general ledger.

The Logistics Finance Platform is also packed with features that support various finance services. For instance, the system already includes LC Issuance, Simple Payment, Remittance, FX and SRT, (Sea Road Token), which is used to pay out the commission.

“SRT (Sea Road Token) will be playing the function of commission for BLF Platform, as well as it will be used for payment tool for Shipping freight cost, salary for ferry employees, etc.,” Yantai Ferry CEO Mr. B.J. Kwak said. “It will be used as a Key currency for overall logistics finance in the near future consequently acquiring the market through the influence of the Yantai Ferry and affiliated partners and will aim to set the global standard.”

While most of the blockchain projects until now have experienced difficulties in actualizing the LC Issuance business due to the non-participation of shipping/ferry companies, SRT is one step ahead of the game as it is already being used in the real world. SRT, which stands for Sea Road Token, has stood out as the pioneer for blockchain-based logistics finance platforms and is setting the global standard. The platform has also attracted interest among industry players and is now being viewed as a potential advanced alternative for the global remittance tool of SWIFT.

This article does not necessarily reflect the opinions of the editors or management of TokenPost

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Bitcoin (btc) $51,663.00 (+1.70%)
  • Ethereum (eth) $1,784.17 (+5.68%)
  • Tether (usdt) $1.00 (-0.14%)
  • Binance Coin (bnb) $235.77 (-1.04%)
  • Cardano (ada) $1.11 (-2.30%)
  • Bitcoin (btc) $51,663.00 (+1.70%)
Mar 8, 2021 (Monday)
BTC Drops by 1.13% Within 5 Mins, Marking 50,320.36 USDT
BTC Surges by 1.0% Within 5 Mins, Marking 50,888.3 USDT
Geth v1.10.1 Released
ICON (ICX) Unaffected By South Korean Tax Investigation Into ICONLOOP, Says Chairman
ETC Group To Launch Ethereum ETP On Deutsche Borse
BTC Tops List Of Crypto Net Outflow With $470.34 Mln In Past 18 Hours
Central Bank Of France Eyes XRP As Basis For Digital Euro
Art & entertainment NFT creation and trading platform Curio tweeted to reveal that all 250 editions of the Technical Boy NFT have been sold out in 5 minutes.
Decentralized lending platform Ruler Protocol announced to support flash loan.
Argo Blockchain Completes Texas Land Purchase To Build Bitcoin Mining Facility
Atari To Launch Crypto Casino In Ethereum-Based Virtual World
Peter Brandt Believes There’s 50% Chance Bitcoin Will Go To $1 Million
NFT Global Reveals That Soribada’s Corporate Crisis Has Nothing To Do With SOBA Project
OKEx Lists Velo's Native Asset, VELO, For Spot Trading
Norway's Aker ASA Sets Up Bitcoin Unit
The Number Of BTC Held On Exchanges Crashed 20% In 12 Months
If Ripple Goes Away, XRP Will Keep Trading: CEO Brad Garlinghouse
Chainlink announced that decentralized finance protocol Set Protocl has integrated with DPL/USD price feed.
PolkaFoundry To Postpone IDO Plan
UFC Announces Regional Partnerships With Top Crypto-Only Sportsbook
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.