In the area of banking trade finance is considered one of the most beneficial applications of blockchain technology. This intelligent method of exchanging goods across countries is lacking an efficient and reliable platform that can speed up the trade process. By onboarding all the associated parties on a blockchain network, the complex transaction data can be shared between importers, exporters, and banks on one commonly accessible distributed ledger. A trade transaction that would traditionally take 7 to 10 days to complete will now be completed in around 5 to 10 hours over the blockchain-based network. Once the prespecified conditions of the trade are met, the smart contracts will execute themselves and the related parties can review the actions performed. When put together with the prevailing framework the employment of this technology can minimize cost, reduce counterparty risk and increase transparency drastically. In this paper, we will talk about the merging of these two vital components and discuss how they will aid the trading process.