Trade Finance documents
Reducing documents tampering and improving automation
Global trade involves a range of documents which pass from one stakeholder in the chain to another and need to be validated at each stage so that the circuit is complete. The documents pass through more hands than the goods themselves as banks and government agencies get involved in various stages of financing and record keeping. There is a not only a need to standardise the documents but also to make sure that they can be trusted and the information can be accessed with confidence for onward processing. Qryptal’s solution can help in this by securing the documents at the time of generation which can be subsequently validated, thereby also leading to the automation of the information processing.
Typical trade flow with associated documentation
The main documents such as the Letter of Credit (L/C), the bill of lading, the contract etc can all be secured with the Qryptal QR code to prevent any unauthorized changes subsequently as well as to easily confirm the information contained in them for smooth processing.
Here is a sample of a warehouse receipt which is powered by the Qryptal QR code, with the relevant details being made available on scanning
There are several advantages once this technology is deployed for trade related documentation
- - Works for both printed and electronic documents
- - There is no need to maintain a separate database
- - It is easy to integrate with existing document production systems used by any or all of the stakeholders in the ecosystem
- - Each document is signed by the private key of the issuing entity and this makes it tamper-proof and easily verifiable with just a dedicated app.
- - This is very good for security and privacy
