Published on May 15th, 2018 | by bitcoin0
The First Ever Blockchain Trade Finance Transaction is Accomplished by British Bank
The first in history commercial trade finance transaction based on this technology has been carried out by HSBC.
As it has been reported, UK-based financial services group HSBC managed to complete the first in history speedy commercial trade finance transaction using blockchain technology.
It is a real milestone in the financial system as blockchain technology has never been used for a commercial trade finance settlement before.
Blockchain supporters believe that this technology can be successfully implemented across a variety of different spheres like trade finance, health care and insurance, bringing significant benefits and positive changes.
HSBC as well as ING Bank used blockchain technology platform that was developed by the R3 consortium and called Corda.