• Tuesday, May 24, 2022

Business

British Banking Giant HSBC Executes India’s First Blockchain Transaction

The use of this technology helps to reduce the time-lines consist in the exchange of export documentations from the extant seven to ten days to less than 24 hours, according to a RIL official (Photo: TOLGA AKMEN/AFP/Getty Images).

By: Radhakrishna N S

For the first time in India’s business history, British banking giant, HSBC Holdings Plc has completed a trade finance transaction using blockchain technology for a supply by country’s Reliance Industries Limited (RIL) to the US company, Tricon Energy. The letter of credit (LC) transactions powered by the blockchain technology has significantly reduced the time taken for such agreements, according to a release from RIL. The use of this technology helps to reduce the time-lines consist in the exchange of export documentation from the extant seven to ten days to less than 24 hours, according to a RIL official. The transactions…

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