The Indian subsidiary of major global banking and financial services firm HSBC and India’s holding giant Reliance Industries (RIL) have completed a blockchain-enabled trade finance transaction, Indian business newspaper The Hindu Business Line reports Sunday, Nov. 4.
The blockchain-powered letter of credit (LoC) transaction, reportedly the first of its kind in India, involved export by RIL to U.S. client Tricon Energy, which sufficiently reduced both the time and costs of processing documentation. The new system represents a significant improvement in global export market interactions by bringing all parties together on one platform, The Hindu Business Line notes.