POSCO International has completed a proof of concept (PoC) with LG CNS to apply blockchain and artificial intelligence (AI) technologies in real global trading environments for trade finance infrastructure. The initiative aims to enhance efficiency in transactions and settlements with overseas subsidiaries and accelerate the digital transformation of trade operations.
According to POSCO International, the validation was based on actual transaction data from the company and system design and technology verification from LG CNS. The two companies confirmed the feasibility of technology applications in three areas: sharing transaction status based on a shared ledger, tokenization of receivables as real-world assets (RWA), and automation of trade operations using AI agents.
By utilizing a blockchain shared ledger, they implemented a structure for real-time sharing of transaction information among headquarters, overseas subsidiaries, and trading partners. This reduced discrepancies and repetitive verification tasks that arose from previously separate management by country and corporation, thereby increasing the efficiency of contract and settlement processes.
In the area of receivables RWA tokenization, they validated a structure for digitizing actual trade receivables for transfer, settlement, and management. They also confirmed control functions necessary for inter-company transactions, such as customer verification (KYC), anti-money laundering (AML), and permission-based asset management, using the blockchain network 'Injective,' which is specialized for corporate finance.
Additionally, the application of AI agents in reviewing letters of credit (LC) and trade documents can help prevent human errors such as document inaccuracies or missing clauses, and reduce variations in work quality based on the experience level of personnel.
POSCO International stated, "Through this technology validation, we plan to detail pilot operation plans focusing on areas where operational efficiency has been confirmed in the second half of this year."
* This article has been translated by AI.
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