HSBC says it’s made the world’s first trade finance transaction using blockchain

HSBC claimed on Monday it had performed the world’s first commercially viable trade finance transaction using blockchain technology. The bank issued a letter of credit for U.S. food and agriculture firm Cargill. The trade finance transaction involved a bulk shipment of soybeans from Argentina to Malaysia. The letter of credit was issued from HSBC to Dutch lender ING. For this transaction, HSBC used a platform developed by blockchain start-up R3 called Corda. R3 works with a consortium of banks to come up with blockchain solutions to a variety of problems.

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