HSBC Blockchain Link-Up Platform Saves 40% of Transaction Time

Asia Blockchain Review
July 20, 2019

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.

Connecting Blockchain-Based Platforms for Greater Efficiency

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.”

Time and Cost Reduced for Payment Settlements via Blockchain 

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.

Source: https://cointelegraph.com 


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

Related Article
Blockchain: Fine-tuning the Music Industry
Music might be in need of another tech disruption in the form of blockchain.

July 17, 2019

Graph Blockchain Secures Contract with South Korean Transport Ministry
The pilot project is for storing traffic data on a blockchain network as part of the Smart City nati...

July 13, 2019

Hong Kong, a Great Place for Blockchain Startups
It is quite evident that Hong Kong is quite rapidly developing to be a blockchain hub in the region ...

July 12, 2019

We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us