Global banking giant HSBC has tested out its blockchain-based trade finance platform Voltron and reduced transaction time by 40%, the Chartered Institute of Procurement & Supply reported on July 10.
To arrange a shipment between Hong Kong and Dubai, HSBC partnered with major retail organization Landmark Group which provided its blockchain platform ReChainMe. The companies linked up their respective platforms, which reportedly resulted in the reduction of transaction time by 12 days, or 40%.