Novikova T.R.Financial Research Institute of Ministry of Finance of Russian Federation, Moscow, Russian Federation email@example.com ORCID id: not available
Importance This article discusses the new financial technologies, including the system of distributed ledger technology (DLT), or blockchain technology. It summarizes the available information on schemes of letter-of-credit transactions applying the blockchain technology, and performs a comparative analysis of such schemes. Objectives The article considers the specific features of the mentioned technology and possibility of its application in trading operations with the letter of credit use on the basis of experiments conducted by banks. Methods For the analysis, we used a method of comparative analysis of different approaches to the blockchain technology in trading activities using a letter of credit. Results The analysis of the new technology use by banks in the area of trade finance shows that different schemes of blockchain technology are possible to apply. Conclusions and Relevance Still, there are many problems of both economic and legal nature have to be solved for the blockchain technology wide use. Blockchain significantly reduces the time of operations, and it saves money. However, this is only a pilot project. The search for optimal solutions should be continued.
Keywords: digital economy, financial technology (fintech), blockchain, letter of credit
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