In­dia's first blockchain trade by HSBC

India Business Journal - - FINANCE -

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.

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