Dubai-based Landmark Group and HSBC have recently completed a transaction linking two separate blockchain platforms, according to a report by Arabian Business.
The transaction involved a shipment from Bee Dee Industries based in Hong Kong to Babyshop, Landmark Group’s retail brand based in the UAE. HSBC used the Voltron platform to issue a letter of credit, while the Landmark Group’s ReChainME platform enabled inter-platform connectivity.
Key participants of the supply chain were allowed to view the relevant documents and track shipment progress in real time. The trial led to a 40% reduction in the overall time required to complete the transaction compared to conventional means.
Rajesh Garg, Group Chief Financial Officer of Landmark Group, told reporters that the joint trial was not only aimed at supply chain efficiency but also showed its commitment to transforming the retail sector.
“We saw the promise of blockchain technology and embarked on the journey. This is a huge milestone for us at Landmark Group. Embracing new and emerging technologies like blockchain in our physical and financial supply chain not only aids in improving speed to market efficiency but also reflects our commitment to driving transformation in the retail sector and ultimately creating value for our customers,” Garg said.
Sunil Veetil, regional head of trade at HSBC Middle East, North Africa, and Turkey, echoed Garg’s remarks, adding that the connection between the two platforms will bring great opportunities to the retail industry in the Middle East.
“Being able to connect two complementary blockchain platforms is a significant milestone in the development of this technology. In a world where businesses are increasingly positioning their supply chains across several markets, blockchain platforms will undoubtedly give them a competitive advantage by increasing the velocity of trade without compromising on privacy and security.”
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