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Supporting Trade Finance with
Letters of Credit and Corda
Youtube
youtube.com/cordablockchain
Free Training
training.corda.net
Public Slack
slack.corda.net
Documentation
docs.corda.net
Github Repository
github.com/corda
Email
r3devrelations@r3.com
@Cordablockchain, @inside_r3
Hashtags: #Corda, #r3
Our Goals for Today
• Brief overview of Corda and Blockchain in Trade Finance
• Brief Introduction to Corda
• Introduction to Bills of Lading in Trade Finance
• Demo of our revamped Letter of Credit CorDapp
Our Goals for Today
• Payments and Settlement on Ledger
• KYC and KYS
• Negotiable Title Documents
Examples:
• Running experiments with TradeShift, GTNexus, BankTrade, and Temenos
• Finastra, Intellect, and Infosys are planning to build new products with Corda
Themes R3 is focusing on for Trade Finance
• Trade Business Networks like Tradeshift, PrimeRevenue, Aronova
• Invoice Management Solutions like Taulia, Basware, and Esker
• Core Banking Providers like Temenos, Infosys, Oracle, and SilverLake
• Other Uses like custody transfer, contract management, and commodities
management
Themes R3 is focusing on for Trade Finance
Trade Finance is somewhat well understood. So let’s
define some intuitive requirements:
• The ability to monitor digital assets
• The ability to accept and manage derivative assets like
debt instruments
• The ability for sellers to communicate with banks to
receive letters of credit
• Rock-solid infrastructure and 24/7 availability.
Our Scenario: Electronic Bill of Lading
• Corda nodes for notary, central
banks, product exporters, and
importers
• webserver and website for
customers and bank employees to
access
• Fun fact: Bolero provides a
product for electronic bill of lading
as a service with Corda!
Software Stack for our Letter of Credit Cordapp
* Source: BOLERO
Quick Recap of the Components of a CorDapp
(Smart Contracts on a Corda network)
2. Contract:
Verify the transactions
3. Flow:
Execute the business logic
1. State:
The object in Corda State
1. Get consumed
2. Get updated
3. Get stored
Corda States in a Cordapp
• States are the objects we want to represent digitally.
• They only exist in the participating nodes of the specific transactions.
• For Example: TokenState
TokenState
implements ContractState
PROPERTIES
Party issuer
Party owner
int amount
Corda States in a Cordapp
• States are the objects we want to represent digitally.
• They only exist in the participating nodes of the specific
transactions.
TokenState
implements ContractState
PROPERTIES
Party issuer
Party owner
int amount
ALICE
BOB
ED
CARL
DEMI
1
7
5
9
4 3
2
6
8
Existing State
Input
Desired
Output State
Output
Calculation
Encapsulate into
Transaction
Desired
Output State
Output
Existing State
Input
Transaction
Corda Contracts in a CorDapp
✅
✅
✅
Contract Rules:
Rule #1
Rule #2
Rule #3
Rules need to be
followed during a
transaction
Ledger update
Recording
• Ledger update is done through transactions in the flows
• Contracts verify the validity of a transaction: SUCCESS ✅
Existing State
Input
Desired
Output State
Output
Encapsulate into
Transaction
Desired
Output State
Output
Existing State
Input
Transaction
✅
✅
❌
Contract Rules:
Rule #1
Rule #2
Rule #3
Rules need to be
followed during a
transaction
!REJECT!
Ledger update
Recording
Calculation
Corda Contracts in a CorDapp
• Ledger update is done through transactions in the flows
• Contracts verify the validity of a transaction: FAILURE ❌
Issuance Transaction
No inputs
One output,
amount is positive
One issue command,
issuer is required signer
TokenState
issuer
owner
amount > 0
participants = issuer, owner
Issue
(issuer)
Inputs Outputs
Corda Contracts in a CorDapp
Corda Contracts in a CorDapp
sss
1. No inputs
2. One output
3. Output is TokenState
4. Issuer is required signer
5. Owner must be required signer
6. Owner's Amount field is positive
TokenContract.java
implements Contract
public void verify(LedgerTransaction tx) {
}
• Our contract code in TokenContract.java
SIGN
UPDATE
PROPOSE
UPDATE
SEND
(UPDATE + 2 SIGS)
CHECK
UPDATE
NOTARY
POOL
SIGN
UPDATE
SEND
(UPDATE + 3 SIGS)
END
SEND
(UPDATE + 3 SIGS)
RECORD
UPDATE
RECORD
UPDATE
END
END
NODE A
NODE B
SIGN
UPDATE
SEND
(UPDATE + 1 SIG)
SEND
(UPDATE + 2 SIGS)
CHECK
UPDATE
Corda Flows in a CorDapp
• Flows execute the business logic
• Flows consist of two classes (Initiator & Responder)
• Buyer creates purchase order
• Buyer applies for letter of credit
• Buyer's bank accepts application
• Seller adds bill of lading and ships
• Seller's bank pays seller
• Buyer's bank pays seller's bank
• Buyer's bank loans cash to buyer
• Buyer pays their bank
Implementing Our Bill of Lading
B.
Bank
Buyer
Applies for letter of credit
Buyer’s Bank
Pays Seller’s Bank
On Credit for Buyer
S.
Bank
Seller
Buyer creates purchase order
Bank Approves L. O. C.
Seller Creates Bill of Lading
Seller’s Bank
Pays Seller
Let's do a demo !
Let's look at the code . . .
Additional Resources
• Source code of the Original Letter of Credit CorDapp :
https://github.com/davidawad/LetterOfCreditBackup
• Source code of the Original Letter of Credit App Frontend:
https://github.com/davidawad/LetterOfCreditWebBackup
• Source code of the Revamped Letter of Credit CorDapp:
https://github.com/davidawad/letter-of-credit-revamp
Any Questions?
r3.com | corda.net
Thank you for watching!
@inside_r3 | @cordablockchain
linkedin.com/company/r3cev-llc
slack.corda.net
training.corda.net

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Supporting trade finance with letters of credit on corda

  • 1. 1 1 Supporting Trade Finance with Letters of Credit and Corda
  • 2. Youtube youtube.com/cordablockchain Free Training training.corda.net Public Slack slack.corda.net Documentation docs.corda.net Github Repository github.com/corda Email r3devrelations@r3.com @Cordablockchain, @inside_r3 Hashtags: #Corda, #r3 Our Goals for Today
  • 3. • Brief overview of Corda and Blockchain in Trade Finance • Brief Introduction to Corda • Introduction to Bills of Lading in Trade Finance • Demo of our revamped Letter of Credit CorDapp Our Goals for Today
  • 4. • Payments and Settlement on Ledger • KYC and KYS • Negotiable Title Documents Examples: • Running experiments with TradeShift, GTNexus, BankTrade, and Temenos • Finastra, Intellect, and Infosys are planning to build new products with Corda Themes R3 is focusing on for Trade Finance
  • 5. • Trade Business Networks like Tradeshift, PrimeRevenue, Aronova • Invoice Management Solutions like Taulia, Basware, and Esker • Core Banking Providers like Temenos, Infosys, Oracle, and SilverLake • Other Uses like custody transfer, contract management, and commodities management Themes R3 is focusing on for Trade Finance
  • 6. Trade Finance is somewhat well understood. So let’s define some intuitive requirements: • The ability to monitor digital assets • The ability to accept and manage derivative assets like debt instruments • The ability for sellers to communicate with banks to receive letters of credit • Rock-solid infrastructure and 24/7 availability. Our Scenario: Electronic Bill of Lading
  • 7. • Corda nodes for notary, central banks, product exporters, and importers • webserver and website for customers and bank employees to access • Fun fact: Bolero provides a product for electronic bill of lading as a service with Corda! Software Stack for our Letter of Credit Cordapp * Source: BOLERO
  • 8. Quick Recap of the Components of a CorDapp (Smart Contracts on a Corda network) 2. Contract: Verify the transactions 3. Flow: Execute the business logic 1. State: The object in Corda State 1. Get consumed 2. Get updated 3. Get stored
  • 9. Corda States in a Cordapp • States are the objects we want to represent digitally. • They only exist in the participating nodes of the specific transactions. • For Example: TokenState TokenState implements ContractState PROPERTIES Party issuer Party owner int amount
  • 10. Corda States in a Cordapp • States are the objects we want to represent digitally. • They only exist in the participating nodes of the specific transactions. TokenState implements ContractState PROPERTIES Party issuer Party owner int amount ALICE BOB ED CARL DEMI 1 7 5 9 4 3 2 6 8
  • 11. Existing State Input Desired Output State Output Calculation Encapsulate into Transaction Desired Output State Output Existing State Input Transaction Corda Contracts in a CorDapp ✅ ✅ ✅ Contract Rules: Rule #1 Rule #2 Rule #3 Rules need to be followed during a transaction Ledger update Recording • Ledger update is done through transactions in the flows • Contracts verify the validity of a transaction: SUCCESS ✅
  • 12. Existing State Input Desired Output State Output Encapsulate into Transaction Desired Output State Output Existing State Input Transaction ✅ ✅ ❌ Contract Rules: Rule #1 Rule #2 Rule #3 Rules need to be followed during a transaction !REJECT! Ledger update Recording Calculation Corda Contracts in a CorDapp • Ledger update is done through transactions in the flows • Contracts verify the validity of a transaction: FAILURE ❌
  • 13. Issuance Transaction No inputs One output, amount is positive One issue command, issuer is required signer TokenState issuer owner amount > 0 participants = issuer, owner Issue (issuer) Inputs Outputs Corda Contracts in a CorDapp
  • 14. Corda Contracts in a CorDapp sss 1. No inputs 2. One output 3. Output is TokenState 4. Issuer is required signer 5. Owner must be required signer 6. Owner's Amount field is positive TokenContract.java implements Contract public void verify(LedgerTransaction tx) { } • Our contract code in TokenContract.java
  • 15. SIGN UPDATE PROPOSE UPDATE SEND (UPDATE + 2 SIGS) CHECK UPDATE NOTARY POOL SIGN UPDATE SEND (UPDATE + 3 SIGS) END SEND (UPDATE + 3 SIGS) RECORD UPDATE RECORD UPDATE END END NODE A NODE B SIGN UPDATE SEND (UPDATE + 1 SIG) SEND (UPDATE + 2 SIGS) CHECK UPDATE Corda Flows in a CorDapp • Flows execute the business logic • Flows consist of two classes (Initiator & Responder)
  • 16. • Buyer creates purchase order • Buyer applies for letter of credit • Buyer's bank accepts application • Seller adds bill of lading and ships • Seller's bank pays seller • Buyer's bank pays seller's bank • Buyer's bank loans cash to buyer • Buyer pays their bank Implementing Our Bill of Lading B. Bank Buyer Applies for letter of credit Buyer’s Bank Pays Seller’s Bank On Credit for Buyer S. Bank Seller Buyer creates purchase order Bank Approves L. O. C. Seller Creates Bill of Lading Seller’s Bank Pays Seller
  • 17. Let's do a demo !
  • 18. Let's look at the code . . .
  • 19. Additional Resources • Source code of the Original Letter of Credit CorDapp : https://github.com/davidawad/LetterOfCreditBackup • Source code of the Original Letter of Credit App Frontend: https://github.com/davidawad/LetterOfCreditWebBackup • Source code of the Revamped Letter of Credit CorDapp: https://github.com/davidawad/letter-of-credit-revamp
  • 21. r3.com | corda.net Thank you for watching! @inside_r3 | @cordablockchain linkedin.com/company/r3cev-llc slack.corda.net training.corda.net

Editor's Notes

  1. https://www.finextra.com/pressarticle/84485/100-italian-banks-go-live-on-spunta-blockchain https://www.ledgerinsights.com/nasdaq-adopts-corda-enterprise-blockchain-for-digital-assets-exchange-software/ https://www.gtreview.com/news/fintech/exclusive-contour-goes-live-making-blockchain-based-trade-finance-a-reality/
  2. Voltron (now contour): https://www.ledgerinsights.com/voltron-trade-finance-blockchain-trial/ NOTE: KYS is know your supplier For Sources on these numbers, check out the presentation in the wiki.
  3. https://www.finextra.com/pressarticle/84485/100-italian-banks-go-live-on-spunta-blockchain https://www.ledgerinsights.com/nasdaq-adopts-corda-enterprise-blockchain-for-digital-assets-exchange-software/ https://www.gtreview.com/news/fintech/exclusive-contour-goes-live-making-blockchain-based-trade-finance-a-reality/ use cases from : https://r3-cev.atlassian.net/wiki/spaces/EE/pages/1466433807/Trade+Finance?preview=/1466433807/2917466139/Digital%20Trade%20on%20Corda%20-%20Q2%202021.pdf
  4. Remember that a letter of credit is a guarantee from a bank to an exporter that a payment will be received on time.
  5. A CorDapp consists of foundational components: State, Contract and Flows. States are the objects in Corda, they can get consumed, updated and stored. Contracts verifies the transaction, If you can see the screenshot at the right side, these lines are actually the codes inside of the Contract files. Lastly, Flows execute the business logic. All the calculation, verification, signings, and data writing will all get executed in flow. Okay, now let’s take look at what we are going to build today for state. (next slide)
  6. We are building a TokenState! They are data that exist only in the participating nodes of the specific transactions. Rather than exist in a central database. It consists of three properties: A Party type issuer, A Party type owner, and an integer type amount. Lets go to IntelliJ…
  7. Let’s look at Contracts now. Just read the text and explain the diagram. (next slide) to show if one of the rule is not followed.
  8. In our Contract code, we are making contracts for an issuance transaction. Remember, Contracts verify the validity of a transaction? Here is what we try to achieve here. And here is set of rules that we are looking to implement: (next slide)
  9. In the TokenContract file, we are looking to implement the verify method with these 7 rules. These are just some simple rules, but in reality, you can make up whatever rules for your specific transactions.
  10. Okay, we are back with the last bit of the coding: Corda flows! Flows execute the business logic, and Flows consist of two classes (Initiator & Responder). Today, we are only going to implement the initiator part, and the responder is already pre-implemented. The diagram you are looking at depicts the simplest flow in a CorDapp: 1 node is trying to propose an update on a single state. We will implement the very similar flow all together. It is just for us, we are creating a new state and send to the counterparty, rather than update an existing state. (walk through the chart.)
  11. A CorDapp consists of foundational components: State, Contract and Flows. States are the objects in Corda, they can get consumed, updated and stored. Contracts verifies the transaction, If you can see the screenshot at the right side, these lines are actually the codes inside of the Contract files. Lastly, Flows execute the business logic. All the calculation, verification, signings, and data writing will all get executed in flow. Okay, now let’s take look at what we are going to build today for state. (next slide)
  12. NOTE: run the demo - http://localhost:10014/web/loc/ - Go to bank node and issue $3,000,000 to the bank of London    - Analog importers creates purchase order from look ma exporters    - Analog importers applies for letter of credit (their issuer bank is bank of London, advisory bank is Shenzhen state bank)    - bank of London accepts loc application (transaction now available to everyone)    - look ma exporters accepts LOC, creates BOL and ships out the goods.    - seller's bank pays seller (you can also view the BoL) 
  13. NOTE: run the demo - Go to bank node and issue $3,000,000 to the bank of London    - Analog importers creates purchase order from look ma exporters    - Analog importers applies for letter of credit (their issuer bank is bank of London, advisory bank is Shenzhen state bank)    - bank of London accepts loc application (transaction now available to everyone)    - look ma exporters accepts LOC, creates BOL and ships out the goods.    - seller's bank pays seller (you can also view the BoL) 
  14. A CorDapp consists of foundational components: State, Contract and Flows. States are the objects in Corda, they can get consumed, updated and stored. Contracts verifies the transaction, If you can see the screenshot at the right side, these lines are actually the codes inside of the Contract files. Lastly, Flows execute the business logic. All the calculation, verification, signings, and data writing will all get executed in flow. Okay, now let’s take look at what we are going to build today for state. (next slide)
  15. A CorDapp consists of foundational components: State, Contract and Flows. States are the objects in Corda, they can get consumed, updated and stored. Contracts verifies the transaction, If you can see the screenshot at the right side, these lines are actually the codes inside of the Contract files. Lastly, Flows execute the business logic. All the calculation, verification, signings, and data writing will all get executed in flow. Okay, now let’s take look at what we are going to build today for state. (next slide)
  16. POLL : professional or to learn! P / L