An alternative to letters of credit

Year

2019

Duration

6 months

Location

Singapore

CHALLENGE

How to accelerate, simplify and reduce the cost of letter of credits?

JITA SOLUTION

Operate a DLT consortium on which every trade is tracked from purchase order to final payment.

RESULTS
  • Designed a novel DLT smart contract architecture as an alternative to letters of credit.
  • Great user experience with easy to understand interfaces.
  • Convinced a large technology fund to invest into the new venture 3 months after project completion.
  • Highly compliant solution implementing all regulatory and customer checks.
  • High automation level streamlining business operation.