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HSBC and ING execute industry-first blockchain transaction with RIL

November 05, 2018

Hong Kong and Shanghai Banking Corporation (HSBC) India and ING Bank Brussels have executed a blockchain-enabled live trade financial transaction jointly with Reliance Industries Limited (RIL) and Tricon Energy. The transaction allowed a digital transfer of the title of goods from the seller to the buyer in the underlying trade.

According to the companies, it is an industry-first as the blockchain platform was integrated with Bolero’s electronic Bill of Lading (eBL) platform to issue and manage an electronic Bill of Lading.

The end-to-end transaction was executed on R3’s Corda blockchain platform which is a single shared application. This solution allowed all parties to come together onto one platform.

As per HSBC India officials, this transaction has validated the commercial and operational viability of blockchain as an alternative to conventional exchanges for paper-based documentation.

 

 
 

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