Introduces a fully digital Letter of Credit process in a fast, highly secure and efficient way based on the Billon Unified Enterprise DLT Platform.



The Reserve Bank Innovation Hub (RBIH) is a wholly-owned subsidiary of the Reserve Bank of India (RBI) established for technology innovation promotion across the Indian financial sector. RBIH consulted with leading public and private sector banks to identify key issues on adopting Distributed Ledger Technology (DLT) to improve existing banking processes and to enable a seamless banking experience for their customers.

To showcase capabilities of Interoperable DLT Platform the Proof-of-Concept (POC) was executed on Inland Letter of Credit as sample use case to demonstrate security & access control, robustness & maturity, performance & scalability of blockchain solution. 

The aim was to streamline the process of issuing, amendment and agreeing a Letter of Credit between banks and their customers, and to ensure smooth and scalable banking services in a safe, transparent and efficient manner.


Billon, in partnership with FIS (worldwide  leading banking software vendor), provided an authorized blockchain-based e-document platform powered by a TDM solution. 

The solution allows banks and their customers to send, store and exchange documents and data to an immutable distributed register in real time.
The blockchain platform enabled transparent and highly secure sharing of documents and data between parties as an efficient solution, ready for mass scale adoption.





FIS provided integration with core banking system and front-end applications for banks and corporates with UI for LC processing.


Billon provided DLT platform for documents and data management with implemented business logic.









Adding new entity to the system is managed by a Supervisory Node which grants permission to publish data and documents

Node per entity rule means that  each participant of the system (e.g. Issuing Bank, Advising Bank Seller Company, Buyer Company) has a  dedicated publishing node to which blockchain identity is established.



Applications Setup to connect to DLT

For each participant set of applications is established. Access and role management  can be configured based on business logic. Integration with Core Banking system for Banks allows for LC issuance while further workflow and communication with other participants are conducted through LC UI web application.



LC Issuance

New LC is prepared in internal banking system by Issuing bank and can be directly published on DLT Once encrypted new LC is issued and published, Advising Bank is notified on that even and can preview and download the document directly from DLT through LC UI Panel. The process of publishing the document on DLT takes seconds so new LC can be received in almost real time. As the documents are secured and encrypted only Issuing bank and Advising ban can have the access to the document.


LC Interactions between Issuing, Advising Banks and Seller Company

Once LC is issued and published on DLT, the further process of determining the final version, acceptance, changes, exchanging messages, confirmations or sending additional documents related to the process of issuing the letter of credit takes place directly between the participants of the system. LC UI application is used to communicate the receipt and transmission of documents and messages and process management. Each participant is notified about new event and current status and can track and trace the process in real time.