The Singapore unit of London-headquartered multinational banking and financial services firm Standard Chartered (LON:STAN) has completed its first blockchain-powered trade finance deal. The news was reported by Singapore’s English-language financial daily The Business Times on Jan. 24.

The bank reported that the blockchain solution — developed by blockchain startup Distributed Ledger Technologies — had enabled an agri-business supply chain deal to be completed within just one day, instead of the typical five to seven days.

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