HSBC, ING Settle India’s First Blockchain-Based Trade Finance Transaction

HSBC, ING Settle India’s First Blockchain-Based Trade Finance Transaction

5. november 2018 BANK BANKS BLOCKCHAIN BLOCKCHAIN-BASED BREAKING NEWS INVESTING.com 0
© Reuters. HSBC, ING Settle India’s First Blockchain-Based Trade Finance Transaction © Reuters. HSBC, ING Settle India’s First Blockchain-Based Trade Finance Transaction

Global financial services players HSBC and ING have processed a live trade finance transaction by using only blockchain technology, HSBC’s India branch said on Sunday. The move is the latest in a series of banking industry’s initiatives that target the lucrative international trading settlement market with distributed ledger technology (DLT)-based projects.

HSBC and ING used blockchain to execute a deal between Reliance Industries, one of India’s largest export-oriented conglomerates, and US energy company Tricon Energy. The blockchain settlement cut the process to less than a day from the seven-to-ten-day period that is needed for traditional financial technology.

Blockchain, the software that underpins cryptocurrency, can reduce operational costs and speed up transac…

Source:   https://www.investing.com/news/cryptocurrency-news/hsbc-ing-settle-indias-first-blockchainbased-trade-finance-transaction-1674522

 

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