Japan's Mitsubishi UFJ Financial Group issues first blockchain letter of credit

Japan's Mitsubishi UFJ Financial Group (MUFG) banking department announced that it has issued the first blockchain technology-driven letter of credit, which was distributed to a branch in London. According to reports, the new system can reduce release time by more than 80%. At the same time, MUFG claims that it is using a blockchain platform created by Komgo, and that the company is also working with companies such as ING, Citigroup and BNP Paribas.