Connect with us
Prague Gaming & TECH Summit 2025 (25-26 March)

Blockchain

HashKey Group and Velotrade Partner to Build Blockchain Platform for Trade Finance

Published

on

Photo source: core77.com

 

In order to add trust, efficiency and speed to its trade finance platform which directly connects SMEs and professional investors, Velotrade Management Limited (“Velotrade”) is collaborating with HashKey Digital Asset Group Limited (“HashKey”) on implementing a blockchain-based platform. This cross-border project involving multiple countries will leverage the success that HashKey has previously enjoyed for projects in China across industries such as automotive and supply chain.

Pain point of today’s Trade Finance processes before Blockchain

Despite the fact that traditional trade finance is a long-established industry, when firms are expanding rapidly, inefficiencies in management arise and it becomes difficult to keep track of all the parties involved. The processes of trade finance are out-dated. They require manually creating and reviewing contracts, documents and regulatory requirements.

This results in delayed transactions and, ultimately, a poor customer experience. Double financing could be a recurring issue due to the inability to effectively verify document authenticity or track the flow of transactions. Miscommunication issues are common as the current trade finance structure involves multiple un-integrated platforms.

Advertisement

All these pain points contribute to management inefficiency and lead to a higher risk of fraudulent activities. Now with the growing popularity of blockchain, companies are turning to the promising solutions this new technology has to offer.

Advantages of HashKey and Velotrade renovating trade finance combining blockchain expertise and the industry’s leading platform

HashKey and Velotrade have re-imagined how trade finance can operate by leveraging a blockchain infrastructure to drive efficiency, reduce costs and open up new revenue opportunities including newer models of credit and funding guarantees backing the trade.

Value is brought to trade finance by significantly improving efficiency. Real time review of documents reduces the time customers take to initiate transactions. In addition, the ability to create and execute smart contracts allows easy data and transactional maintenance for clients, as once contracts are made and met, their status is updated in real time.

HashKey’s blockchain provides cryptographic security, consensus and a distributed ledger database. This solution provides data with immutability, credibility and transparency, enabling proof of ownership of transactions, elimination of double spending risk, and real- time document review in line with regulatory standards. It also enhances financial privacy for users on the Velotrade platform. More importantly, it will make the process more efficient and will dramatically accelerate transactions inherent in trade finance.

Advertisement

Utilizing blockchain technology, Velotrade reduces intermediary costs and offers increased transaction speed to provide a convenient way to arrange immediate short-term finance, which enables businesses to gain quick access to liquidity. Financial advances arranged through Velotrade are distributed to users within a few hours, unlike traditional institutions which can take weeks.

 

SOURCE Velotrade

Blockchain

Bybit Receives Georgian VASP License, Strengthening Global Regulatory Presence

Published

on

bybit-receives-georgian-vasp-license,-strengthening-global-regulatory-presence
Continue Reading

Blockchain

Accredited Solutions, Inc. Announces Strategic Acquisition of GlobeTopper, a $37M Revenue Platform Acquisition to Anchor Fintech Strategy

Published

on

Continue Reading

Blockchain

DIGZAX Enhances Collaborative Security System, Pioneering New Heights in Cryptocurrency Trading

Published

on

digzax-enhances-collaborative-security-system,-pioneering-new-heights-in-cryptocurrency-trading

DIGZAX

Continue Reading
Advertisement
 title=
Advertisement

Latest News

Recent Listings

  • Global Payout, Inc.

    Since the Company’s inception in 2009, Global Payout, Inc. has been a leading provider of compreh...

  • MTrac Tech Corp.

    MTrac Tech Corporation, a Nevada Corporation, is a privately held, wholly owned subsidiary of Glo...

  • Net1

    Net1 is a leading provider of transaction processing services, financial inclusion products ...

  • uBUCK Technologies SEZC

    Based in Georgetown, Cayman Islands, uBUCK Tech is a fintech enterprise that specializes in digit...

  • LiteLink Technologies Inc.

      LiteLink is a major player in developing world-class enterprise platforms that utilize ar...

  • Good Gamer Corp.

      Good Gamer Corp. is a privately-held technology company focusing on gamers and streamers....

  • BitPay

      Founded in 2011, BitPay pioneered blockchain payment processing with the mission of trans...

  • About Net1

      Net1 is a leading provider of transaction processing services, financial inclusion produc...

  • Blockchain Foundry Inc.

    Headquartered in Toronto, Canada, Blockchain Foundry (CSE:BCFN)(FWB:8BF)(OTC:BLFDF) is a global b...

  • Sixgill

    Sixgill provides a full suite of universal data automation and authenticity products and services...

Trending on TBE