HSBC Holdings Completes First Blockchain Trade Deal
HSBC Holdings Plc completed a transaction using blockchain which it said shows the technology is commercially viable for trade finance. According to the company, the transaction was an end-to-end trade between a buyer and a seller and their respective banks that was completed on one shared digital application rather than multiple systems. HSBC’s Global Head of Innovation Vivek Ramachandran stated:
"This is an inflection point for how trade is conducted. With blockchain, the need for paper reconciliation is removed because all parties are linked on the platform and updates are instantaneous."
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