Trade Finance – Letter of Credit

• This is a blockchain application built on Ethereum. It illustrates the concept that an immutable fact pattern of all documents and data related to an import order can be maintained on a blockchain. A user must have a valid Ethereum address to be able to use it. An admin user creates accounts and assigns them one of the following roles: i. Importer – can upload letters of credit that will become accessible to the exporter. ii. Exporter – upload bill of lading and insurance documents along with details such as port of lading, freight company etc. iii. Custom – all the information uploaded by the exporter is visible to customs, who can approve or reject the shipment. The final status of the shipment gets added to the blockchain. iv. Insurer – insurer can see shipment information and based on data received via IoT sensors (for example, temperature) approve or reject payment.