Previously we shared an article about India’s first blockchain enabled Letter of Credit and also the First blockchain enabled trade finance transaction.. Both of these activities were carried out by HSBC..
HSBC seems to be leading the way in terms of blockchain-based tools to handle financial processes relating to foreign-exchange trades..
Blockchain – that newfangled concept seems to be catching on quickly and moving along quite nicely in the shipping and freight industry..
A Blockchain is a ledger that uses cryptography, the internet and naturally computers to create, share, transfer, track and secure assets and transactions (represented/organised as blocks) belonging to everyone to fulfil a certain function..
Unless the previous transaction is not completed in the chain and shared forward with a timestamp, the next transaction cannot happen..
In the first transaction of its kind in India, HSBC India and ING Bank Brussels have enabled, successfully executed and completed a full blockchain driven trade finance transaction between India’s Reliance Industries and USA’s Tricon Energy..