Komgo and Lloyds Bank Team Up for Blockchain-Based Commercial Banking System

Lloyds Bank, a self-described “retail and commercial bank” based in Wales and England, is partnering with Komgo, a blockchain technology firm, to build a personalized blockchain for its banking division, reports FStech. The platform, in turn, would ensure faster international trades for the company.

Komgo’s mission is to bring the entire trade finance process to the digital era, ensuring that clients can trade all sorts of information across the world in a decentralized and secure way, the publication notes. Of course, it’s also way faster than traditional methods as well. Then, there’s also the case of security and tracking that blockchain technology brings with, which is beneficial for businesses that need to see where their money is being transferred to.

A decentralized business expansion

Lloyds Bank is the first bank to partner with the platform. Gwynne Master, the managing director for the bank’s Commercial Banking branch, said the following regarding the matter:

“‘Cumbersome’ and ‘time-consuming’ are just two words used to describe international trade today. The process of trading a single commodity can take over 100 days, involves many players, considerable paperwork, and risk. Trade is particularly onerous for our commodities clients, where faster turnaround times and a streamlined channel are key requirements.”

Master went on, speaking specifically about Komgo this time:

“We’re working together to shorten the time it takes our corporate clients to trade internationally by significantly streamlining and digitising the process. We’re entering a new era of simpler and more inclusive access to blockchain technology that has the potential to support strong, collaborative business relationships. Partnerships like this, and the technology that underpins them, will help mitigate the pain points our clients face and support British businesses to prosper internationally.”