Yantai Ferry ready to launch blockchain-based LC Issuance platform

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Mon, 25 Sep 2023, 05:16 PM
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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.

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