HSBC Completes Blockchain Trade Finance Transaction on Corda Platform
HSBC says it has completed the world’s first ‘commercially viable’ blockchain trade finance transaction with Dutch lender ING, for the U.S. food and agricultural group Cargill. HSBC’s claim that the Corda blockchain platform, developed by blockchain start-up R3, is ready for commercial use by the $9tn market for trade finance. Vivek Ramachandran, HSBC’s head of innovation and growth for commercial banking said, “The next stage is actually encouraging as many participants as possible to sign up to the utility”.
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