Tag: Corda

HSCB Claims “World’s First” Trade Finance Transaction Via Blockchain

HSCB Claims “World’s First” Trade Finance Transaction Via Blockchain

Lat Monday, HSBC says that it has conducted the world’s first trade finance transaction using blockchain technology when it issued a credit letter for U.S. food and agriculture company Cargill. The letter of credit, which is a guarantee from one bank to another, was Issued by HSBC to Dutch firm ING for a bulk shipment of soybeans from Argentina to Malaysia. HSBC and ING revealed that the transaction, which normally would take 5 to 10 days, was done within 24 hours. The transaction was performed on a platform developed by blockchain start-up R3 called Corda which is already being used […]