The British financial conglomerate HSBC and Dutch Bank ING for the first time in the world spent using blockchain technology shopping financial transaction, processed on the blockchain the platform R3 Corda a letter of credit by the American food company Cargill supply contract of soybeans from Argentina to Malaysia.
In the experiment, the whole process took less than a day, despite the fact that in the traditional form, it would require 5 to 10 days. Head of development and innovation at HSBC Vivek Ramachandran (Vivek Ramachandran) explained that a waiver of red tape for the negotiation of securities and transfer of all data, including the latest updates, on one platform.
Management believes that HSBC, the successful holding of the first transaction means that the technology has huge potential for commercial use in the global trade Finance market, which amounts to $9 trillion.
Recall that HSBC is ready to launch several pilot programs that will allow early 2019 to conduct direct transactions with blockchain technology, it became known in February of this year. At the same time senior Manager, innovation at HSBC , Joshua Crocker (Joshua Kroeker) referred to is declared in 2016, the testing blockchain technology in the field of Finance using letters of credit.
Blockchain-R3 consortium announced the creation of a platform for cross-border payments on the basis of the software Corda, using the technology of distributed registry (DLT) in October 2017. Among the 22 banks participating in the creation of platform — Barclays, BBVA, HSBC, ICBC, Commerzbank, DNB, Intesa, KBC, KB Kookmin Bank, KEB Hana Bank, Natixis, Shinhan Bank, TD Bank, US Bank, and Woori Bank. In December of the same year R3 launched the Corda platform in Amazon Web Services (AWS).