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Reliance Industries, HSBC execute first blockchain transaction
This allowed a digital transfer of the title of goods from the seller to the buyer in the underlying trade.
HSBC India and ING Bank Brussels have successfully executed a blockchain enabled, live trade finance transaction jointly with Reliance Industries and Tricon Energy.
According to the companies, this is an industry first as the Blockchain platform integrated with Bolero's electronic Bill of Lading (eBL) platform to issue and manage an electronic Bill of Lading.
Srikanth Venkatachari, Joint Chief Financial Officer, Reliance Industries said, "The use of blockchain offers significant potential to reduce the timelines involved in the exchange of export documentation from the extent 7 to 10 days to less than a day. When adopted at scale, it helps in significant optimization of working capital. Further, use of blockchain in trade finance enhances transparency, security, and synergy across all the parties and stakeholders involved."
This allowed a digital transfer of the title of goods from the seller to the buyer in the underlying trade. It further enabled the underlying trade to be fully digitized.
Hitendra Dave, Head-Global Banking & Markets, HSBC India said, "The use of blockchain is a significant step towards digitizing trade. It has a transformative impact on trade finance transactions and enables greater transparency and enhanced security in addition to making it simpler and faster. The overall efficiency it brings to trade finance ensures cost effectiveness, quicker turnaround and potentially unlocks liquidity for businesses."
Dave said, "We're delighted to partner with Reliance Industries and support enhanced digitization in trade finance. We believe that the collaborative approach adopted to develop this technology has the potential to transform conventional trade finance."
The end-to-end transaction was executed on R3's Corda blockchain platform which is a single shared application, rather than requiring multiple isolated digital systems across various counterparties, located around the globe.
This solution brings together all parties onto one platform.
Furthermore, this transaction validates the commercial and operational viability of blockchain as an alternative to conventional exchanges for paper-based documentation.
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