India's first blockchain trade by HSBC
In a first for India, British bank HSBC has executed a trade finance transaction involving an
export by Reliance Industries (RIL) to an American client using blockchain, which massively reduced the time taken for processing the documents. The block chain enabled letter of credit transaction facilitated a shipment between RIL and the US-based Tricon Energy, a joint statement issued by HSBC India and RIL has said. The blockchain platform was integrated with the electronic bill of lading platform to issue and manage an electronic bill of lading. This allowed a digital transfer of the title of goods from the seller to the buyer in the underlying trade.