Blockchain news Technology Launched To Prevent Bank Guarantee Frauds

Primechain Technologies has launched Primechain-Guarantee, in a bid to offer a solution to prevent bank guarantee frauds like the recent PNB case for recording letters of undertaking, bank guarantees, letters of credit and other documentary credits.

The co-founder of Primechain Technologies Shinam Arora said:

“Bank guarantee, and other related documents 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 preventing frauds.”

Primechain-Guarantee is a blockchain repository of documents like bank guarantee, letter of credit, invoice, bill of lading, air, road transport documents, insurance documentation amongst others.

Primechain-Guarantee offers other features like each entry on the blockchain being digitally signed by the member bank and real time supervision by authorities through regulator nodes.