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HSBC: the first deal on the blockchain processed

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HSBC, the largest financial conglomerate, announced the completion of a deal with the use of the blockchain platform, paving the way for the massive introduction of technology in the market with a capitalization of $ 9 trillion.

The bank processed a letter of credit for the largest US food and agricultural group, Cargill, which delivered soybeans to Malaysia from Argentina. HSBC used the Corda platform, created by the technology consortium R3. The transaction was also attended by ING, which previously implemented the technology and acted as counterparty.

The parties said that the use of the innovative platform allowed to reduce the time and costs associated with the conduct and documenting of the delivery. Vivek Ramachandran, Head of Innovation and Development of Commercial Banking at HSBC, said that further, they plan to involve as many new participants in the project as possible. Having added that they perceive the platform solely as a way to increase efficiency.

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