Bank guarantees & Documentary Credits
Blockchain market-place for sharing and monetizing LoU, Bank Guarantees, L/C and other Documentary Credits
To prevent frauds such as the recent Rs. 11,000 crore Letters of Undertaking (LoU) scam, Primechain-GUARANTEE, a blockchain for recording LoU, Bank Guarantees, Letters of Credit and other Documentary Credits has been developed.
The LoU scam took place because fraudulent bank employees issued Letters of Undertaking:
- without following the processes,
- without securing adequate collateral and
- without recording the transactions in the bank's core banking systems.
Primechain-GUARANTEE records are stored in the blockchain in an encrypted form and can only be viewed by banks that have been "whitelisted" by the issuer bank. This ensures data privacy and confidentiality while at the same time ensuring that records are shared only between banks that trust each other.
For details on codes, see:
Under what mode is this project available to Bankchain members?
What are the costs for customization / integration?
This depends upon the scope of customization / integration required. Please email us the details on firstname.lastname@example.org
Can we hire a third party vendor to do the customization / integration?
Where can I get details about the features / architecture of this solution?
Does Primechain offer SLA / commercial support for this solution?
What are the hardware requirements to run this project as a pilot / PoC?
3 servers with the following minimum configuration: 32 GB RAM, 16 core processors, 256 GB disk.
What are the hardware requirements to run this project commercially?
7 servers with the following minimum configuration: 32 GB RAM, 16 core processors, 256 GB disk.
1 server with the following minimum configuration: 32 GB RAM, 16 core processors, 1 TB disk.