HSBC Achieves Blockchain Shipment Transaction Success

Image Flickr

Using the Corda blockchain platform, HSBC issued a letter of credit to Dutch bank ING, with both banks acting on behalf of Cargill entities.

HSBC Holdings Plc completed a transaction using blockchain which it said shows the technology is commercially viable for trade finance.

HSBC Holdings Plc (HSBA.L) said on Monday it has performed the world's first trade finance transaction using a single blockchain platform, in a push to boost efficiency in the multi-trillion-dollar funding of worldwide trade.

According to news source GTR, the transaction was carried out using a letter of credit tool within R3's distributed ledger technology (DLT) platform Corda.

Traditionally, the time required for exchanging documents in trade finances is five to 10 days. It included a shipment of soybeans from Argentina to Malaysia via Cargill's subsidiaries in Geneva and Singapore.

Joe Van Gogh Cuts All Ties With Duke University
The artist who wrote, recorded and performed the music is absolutely entitled to do so, however offensive I might find the lyrics. The coffee shop announced it was cutting ties with Duke University just hours after the concert, according to WTVD .

WHO says 19 dead, 39 infected so far in Congo Ebola outbreak
Although the DRC outbreak is of a different strain, the experimental vaccine is still thought to be safe and effective. The affected area is remote with limited communication and poor transportation infrastructure.

Eurovision victor Netta offers support to United Kingdom entry after stage invasion
He added that Jerusalem would be developed and expanded "in all directions" in order "to reveal its past and build its future". In an interview Sunday morning, Jerusalem Mayor Nir Barkat said that no decision had been made yet on the location.

"Going from that PoC in 2016, we're at the tipping point of getting our customers involved in live transactions in the coming weeks and months". "With blockchain, the need for paper reconciliation is removed because all parties are linked on the platform and updates are instantaneous". HSBC's trade on the blockchain was completed in 24 hours. Since then, banks have invested millions developing blockchain applications in a bid to cut costs and help simplify their back-office processes - such as the settlement of securities trade.

This Cargill transaction breakthrough provides a ray of hope for trade finance and if more efforts are put into consolidating on the achievement made so far, there is the possibility that trade finance could shift from the traditional method to a blockchain technology-driven one in no distant time.

Ramachandran said HSBC already had another client lined up for the next similar transaction.

R3, along with supporting banks, is now looking to expand the use of the network as a utility for the trade finance sector.

"It is critical to understand what blockchain is and what it is capable of today, compared to how it will transform companies, industries and society tomorrow", said David Furlonger, vice-president and Gartner fellow.

Related News:

  • Erdogan: Turkey attaches special importance to cooperation with Great Britain

    Erdogan: Turkey attaches special importance to cooperation with Great Britain

    Pro-Erdogan demonstrators were on the streets as well today facing off against critics of the Turkish government. Meetings with Queen Elizabeth II and Prime Minister Theresa May are planned within the framework of the visit.
    See Who's Competing in the 'American Idol' Season 16 Finale

    See Who's Competing in the 'American Idol' Season 16 Finale

    Tune in next week, on both Sunday , May 20, and Monday, May 21 for the special two-night season finale at 8 pm on MY ABC WOTV 4. Caleb Lee Hutchinson played it a little safer, staying in the lane that is best-suited for his voice: country.
    Torra fails first vote to become new Catalonia leader

    Torra fails first vote to become new Catalonia leader

    Spain's Constitutional Court suspended a law that would have allowed self-exiled leader Puigdemont to be considered in absentia. In the second round vote scheduled for Monday, only a simple majority will be required so Torra is expected to win the vote.
  • Former Redskins defensive back DeAngelo Hall retires from NFL

    Former Redskins defensive back DeAngelo Hall retires from NFL

    I still want a gold jacket, whether I can get one as an exec, a coach - I'm going to get me a damn gold jacket, believe that". Hence, his interest in working in a front office or the broadcast booth. "So that's kind of out of the question now.
    In the Turkish airport experienced planes

    In the Turkish airport experienced planes

    Two airliners at an worldwide airport in Istanbul, Turkey, collided on the ground, breaking off the tail of one of the planes. The collision resulted in a fire on the Turkish Airlines plane, with firemen rushing to the scene, the news organisation said.

    Bad News For Galaxy Note 9, Good News For Galaxy S10

    The Galaxy J6 is powered by Exynos 7870 chipset backed by RAM and storage variants of 2GB/3GB/4GB and 32GB/64GB respectively. There's also a 3000mAh battery, LTE connectivity, dual SIM slots, 13MP rear camera, and a 5MP selfie shooter with LED flash.
  • Hamilton wins Spanish GP, strengthens lead in F1 standings

    Hamilton wins Spanish GP, strengthens lead in F1 standings

    Mercedes driver Lewis Hamilton said his dominant Spanish Grand Prix victory had revitalised him after a hard start to the season. We thought there would be no way to do a one stop or we could do it but it would be a lot slower than a two stop .
    Parents outraged over caged tiger at Florida prom

    Parents outraged over caged tiger at Florida prom

    The school also released a statement to ABC station Local 10 defending the wild animal entertainment . Some parents in Miami , Florida are angry after a tiger was brought to a high school's prom.

    Iran's military budget proves nuclear deal was 'a big lie'

    Maas acknowledged that they did not have the means to provide assurances for companies planning to do business with Iran. This week, Israel and Iran engaged in an extensive military exchange on the heels of Trump's decision to leave the deal.
  • Shock findings in mental health survey

    Shock findings in mental health survey

    In the east of England, schools made 7,881 referrals to CAMHS, but nearly a third of these were deemed ineligible for treatment. A Government spokesperson said, 'Making sure children and young people get the right support when they need it is imperative.
    Steve Kerr says Warriors 'definitely threatened' by Rockets

    Steve Kerr says Warriors 'definitely threatened' by Rockets

    Of course, to steal back home court, all the Warriors have to do is win one of two games in Houston to start the series. This will be their third playoff meeting in the past four years, with the Warriors winning both previous meetings.
    Apps Suspended in Facebook's Ongoing Internal Data Misuse Investigation

    Apps Suspended in Facebook's Ongoing Internal Data Misuse Investigation

    Facebook has suspended 200 apps while it probes whether they misused people's information as part of its investigation into dodgy data dealings.


Most liked

Lewis Hamilton wins the 2018 Spanish GP
Ferrari's Kimi Raikkonen retired near the halfway-point because of an apparent mechanical problem. His team-mate Sergey Sirotkin was in 18th but has a three-place grid penalty from the last race.

WWE's Statement On Ronda Rousey Competing At Money In The Bank PPV
Rousey will take on Mickie James in non-televised matches later this week as part of the European tour. And how do you think Rousey will perform against Jax? Let us know in the comments section below.

World Health Organization urges end to use of trans fats in food
But over time, health studies began to show correlations between trans fat and high cholesterol and heart failure risk. Also, this is the first time the WHO, or any worldwide health organization, has proposed a ban on a dietary component.

Jose Mourinho will not appoint direct replacement for departing assistant Rui Faria
"I really respect him and look up to him because of the way he plays". The process of education is something I like to do. It's an opportunity for other guys to step up.

Jinnah painting row: AMU students meet district officials to end campus logjam
The matter grabbed headlines first after Aligarh MP Satish Gautam of the BJP questioned the portrait's presence in the office. But the culprits who entered the campus and defiled sanctity of the campus should be punished.

Double amputee Chinese climber scales Mt Everest
The Nepali government has issued 346 climbing permits for the spring climbing season, running from mid-April to the end of May. Sudarshan Gautam, a Nepali-born Canadian, became the first person to climb Mount Everest without arms in 2013.

Fox defends axing Brooklyn Nine-Nine and reviving Last Man Standing
As for the Last Man Standing pickup, the CEOs revealed that they had been trying to bring the comedy to Fox since previous year . It's a really amusing show. "It had nothing to do with " Roseanne " that we were interested in the show in the first place".

MI5 thwarting monthly terror attacks in United Kingdom , warns spy chief
Andrew Parker , the head of United Kingdom spy agency the MI5, has warned of the threats facing Europe from Islamic State. Skripal and his daughter Yulia were found unconscious on a bench in the cathedral city of Salisbury on March 4.

Harvey Weinstein is trying to discredit women of colour: Salma Hayek
The 51-year-old actor was one of the dozens of women who came forward in 2017 to accuse Weinstein of sexual harassment. The actress-producer said she's sold four TV shows about women this year. "The men are terrified".

SUPERHOT is getting a Japanese-inspired game on PC
GameTomo confirmed that the moniker is just a temporary title and that they are "kicking around names right now". GameTomo confirmed that the title will be a standalone one, not Superhot DLC, and priced "very reasonably".

Trump Unveils His Drug Pricing Reform
Trump's plan as feckless, saying he reneged on his push for direct government negotiation under Medicare. But Friday speech provided some reprieve as most of the proposals Trump was talking about aren't new.

Gas Prices Rise 1.6 Cents In Chattanooga
A spokesperson for AAA Colorado said as of Sunday, the Stinker Sinclair location at 7268 S. Last month the national average was $2.715, while the year-ago average was $2.342.

Cate Blanchett & Agnès Varda Lead Women's March At Cannes Film Festival
But he's also signaled that the festival is reanalyzing its procedures and making its selection committees gender-balanced. The 28-year-old actress and festival jury member was joined by Ava DuVernay , Salma Hayek , and Chloe Sevigny .

Actress Taraji P. Henson Gets Engaged To Kelvin Hayden
I'm very very happy. "And no one would really know that because I don't blast my info like that but I'm very happy". Another Hollywood star is heading down the aisle after Taraji P.

Smriti Irani shunted out from I&B ministry
Union Railway Minister Piyush Goyal will be handling finance portfolio till Arun Jaitley returns to the ministry. The current Railway Minister Piyush Goyal has now been handed over the additional charge of Finance Ministry .