Blockchain finance platform “contour“ finally leaves beta into full live production

Quick take

1 minute read

• Contour has just entered its full live production after ending its beta which has brought the decentralised digital trade finance platform open for business.

• Contour brings an international network for trade financing over distributed ledger technology and is owned by eight shareholder banking institutions including Bangkok Bank, BNP Paribas, CTBC, HSBC, ING, Standard Chartered, SEB and Citi.

Contour has just entered its full live production after ending its beta which has brought the decentralised digital trade finance platform open for business.

Contour brings an international network for trade financing over distributed ledger technology and is owned by eight shareholder banking institutions including Bangkok Bank, BNP Paribas, CTBC, HSBC, ING, Standard Chartered, SEB and Citi. This new platform will be able to allow parties to transfer and view information on a secure level.

The chief executive officer of the new platform, Carl Wegner discussed an aspect of the project by saying:

“Every time we did a transaction, we carried out a review, and we have been taking on all those inputs and learning from them.”

The project started as a prototype trade financial application which started being built in the middle of 2017 and launched a year later in Sydney. Following the launch, it went through an extensive period of testing by more than 80 financial institutions trials that went through 17 countries ranging from energy, metals and retail goods.

Security has been a big concern for the project when it came to the technological development side of things. The CEO said the following on this:

“We wanted to make sure that the production version is something that a bank is comfortable installing. We have been doing a lot of work on two-factor authentication, and on different security penetration testing, which are some of the things that the bank would need to tick off from the IT perspective for us to be a certified vendor.”

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