Using Fintech to protect the strict compliance principle in letter-of-credit law

Abstract The focus of this paper is on the uncertainty and controversy associated with substantial compliance standard as part strict principle in letter credit law, well possibility applying new technology to solve such problems. confirms a payment under international sales contracts contains promise from bank pay seller if they can present complying documents required credit. Thanks basic principles credit, it stable trustworthy. Such practice letters are recognized Uniform Customs Practice for Documentary Credit International Chamber Commerce. To retain commercial utility should be revitalized consistently applied. However, not exact standards, which leads scenario that courts apply different standards. situation might reduce Hence, financial industry trying technologies blockchain, smart contracts, Internet Things support principle, try related standard.