International banking group HSBC has collaborated with a Middle Eastern retail giant Landmark Group to connect two blockchain solutions for the first time for the bulk shipment.
HSBC’s trade finance blockchain, Voltron, was linked with Landmark Group’s platform ReChainME to allow the involved parties at each end to access real-time data, thereby reducing transaction time by 12 days (40%), according to a report by Cointelegraph.
The regional head of trade at HSBC MENA and Turkey, Sunil Veetil, explained the benefits made possible by the blockchain platform use, which effectively reduces unnecessary time consumption.
“Having the two platforms seamlessly connected meant all parties in the supply chain ecosystem were able to track and view the progress of the transaction, agree on the terms of the transaction including logistics, co-create and approve documents and fast track supplier payments, all in real time,” HSBC said in a video.
“This transaction marks a major step forward in the development of blockchain technology that will transform efficiency and productivity across the supply chain.”
Earlier in February, HSBC reported its success to utilize a blockchain-based platform called HSBC FX, which is based on a distributed, but permissioned, ledger. According to HSBC, the new technology adoption enabled the bank to speed up transaction processes by settling payments without the need to wait for external confirmation.
Béatrice Collot, Head of Global Trade and Receivable Finance at HSBC, added that blockchain technology offers unmatched transparency and instantaneity that could potentially change how the global trade finance works in the future, allowing transactions to be much more transparent and significantly faster.
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