Banking Giant HSBC Completed The ‘World’s First’ Blockchain-Based Trade Finance Transaction

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The banking giant HSBC completed the ‘world’s first’ blockchain-based trade finance transaction, reported Cointelegraph on May 14.

Last week, HSBC successfully completed a letter of credit for food and agricultural giant Cargill, which involved a shipment of soya beans from Argentina to Malaysia.

This successful transaction means that the blockchain could be integrated into the global trade finance market, which is worth $9 trillion.

Vivek Ramachandran, the head of innovation and growth for commercial banking at HSBC mentioned in a statement,

“We don’t envisage the platform as anything other than a utility.”

However, HSBC’s platform could involve some of the largest enterprises looking to save money on processing costs and enhance security on paper-based contracts.

 

 

 

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