The milestone transaction was performed on the Contour platform, which is powered by R3’s blockchain software Corda, and took place during Contour’s Beta phase. The deal facilitated the purchase of pre-painted alloy galvalume steel, with Kirby South East Asia Co.,Ltd as the buyer and Ton Dong A Corporation as the seller. HSBC Vietnam was the Issuing Bank and Vietcombank as the Advising/Nominated Bank. By using a single platform, Contour, all four parties had simultaneous and instant access to information about the transaction via a simple web interface that connected to their own dedicated node.
All four parties completed the document presentation on Contour, instead of the usual paper-driven process of sending physical documents via couriers which involve many manual steps and costs. This fast, secure alternative meant the document presentation took half a day, instead of the conventional lead time of ten working days.
- Fast, simple and seamless
- All parties are now transacting on one single platform with a simplified workflow.
- liminates the manual storage of documents and provide digital warehouse for records.
- It offers real-time data sharing and status updates, reducing time from presentation, to acceptance to pay, resulting in working capital efficiencies.
- Keeps parties more informed
- Live transaction tracking allows all parties to follow the transaction status and plan next steps.
- Data is continuously recorded and verified information in a digital format, reducing the risk of human error or fraud. Data can flow directly from Contour to parties’ systems, eliminating duplication.