HSBC complete blockchain-based transaction for Reliance Industries

British Bank HSBC has also executed India first Financial transaction with the help of a Blockchain for a deal which involved in the export by the Reliance Industries to an American Client. The Blockchain enabled the letter of a credit transaction as for the shipment from the Mukesh Ambani led the company to the American based Tricon Energy and also helped to reduce the time which is required to process the documents.

“The use of blockchain offers significant potential to reduce the timelines involved in the exchange of export documentation from the extant seven-ten days to less than a day,” RIL joint chief financial officer Srikanth Venkatachari was quoted as saying by PTI.

The Blockchain platform was integrated with the electronic Bill of Landing platform to issue and manage an electric bill of lading it revealed in a blog post, this also allows a digital transfer to the title of goods from the seller to the buyer in the trade.

Blockchain solutions is a distributed database which managed a continuously growing list of the record called the blocks and is merely transparent as all the stakeholders can easily view progress in the real-time scenario.

The Head of Global Banking and Market of the HSBC, Hitendra Dave said that the Blockchain has a transformative impact on the trade transactions which enabled the greater transparency and enhanced security, in addition, to make it much more faster and more straightforward.

HSBC said that just like that five more other banks globally supports the ‘Corda application,’ which is seeking to expand the network on an open source basis to drive the application across the entire industry.