HSBC, British Banking organization has recently performed a blockchain payment in India. This transaction involved two companies Reliance industries and Tricon Energy.
According to Times of India, This blockchain payment took place between parties one is the 2nd largest business in India, Reliance Industries and other is a US-based firm Tricon Energy. To facilitate this HSBC has executed this trade.
This Blockchain transaction was done to reduce the time to process the documents. To be specific about the transaction it was a LOC (Letter of credit) using blockchain.
The Reliance Industries Chief Financial Officer Srikanth Venkatachari said,
“The use of blockchain offers significant potential to reduce the timelines involved in exchange of export documentation from the extant seven-10 days to less than a day.”
Also, they have integrated the blockchain platform with the electronic Bill of Lading (eBL). This platform will help to transfer the title of goods digitally from seller to buyer.
Last time we had seen, Indian Banks associate to use blockchain for faster trades. where this will be used to decrease the time taken to approve financial loans.
Many other industries are focusing on blockchain technology. And this opens up an opportunity for blockchain developers. So let’s see until the next year how many other sectors will switch to using blockchain.