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…