HSBC, the financial services provider, today announced that it was the first to use Blockchain technology to conduct a commercial transaction, which takes about a week when using standard instruments.
This is the first transaction when Blockchain technology is used to calculate a commercial trade transaction.
CNBC reports that HSBC has issued a letter of credit for a food and beverage company in the United States called Cargill. This company is engaged in the supply of soybeans from Argentina to Malaysia, it should be noted that the letter of credit for this is issued by ING, which is located in the Netherlands.
HSBC stated that the company is delighted with the development, as Blockchain receives support from both private users and government officials of those countries that are leaders in major markets, including the United States of America and China.
It is expected that the technology will improve efficiency, transparency and reduce the time of such financial processes.
According to various sources, HSBC uses the Corda Blockchain platform developed by R3.