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    Reliance Industries recently held a live Blockchain-based trade finance transaction in cooperation with Tricon Energy, a US-based global chemical distributor, a press release of HSBC India stated.
    
    <a rel="nofollow" target="_blank" href="#">card</a>
    
    The end-to-end transaction was secured by the country’s banking sector leader HSBC India and ING Bank, Brussels. For its implementation, a Blockchain platform <a href="https://u.today/banks-using-r3s-corda-completed-live-securities-transaction-worth-25-mln-euros">Corda</a> Enterprise consortium R3 was used.
    
    The platform was used to issue and manage an electronic bill of lading and was integrated with the product of trade finance digitization firm Bolero International.
    
    Using the Blockchain platform, ING Bank issued a letter of credit for Tricon Energy (importer) with HSBC India as the consulting and negotiating bank for Reliance Industries (exporter). A Letter of Credit is a bank guarantee of payment from the buyer to the seller.
    
    <a rel="nofollow" target="_blank" href="#">card </a>
    
    <blockquote>
    “The use of <a rel="nofollow" target="_blank" href="#-has-potential-to-tackle-biggest-problems-of-agribusiness-report">Blockchain</a> is a significant step towards digitizing trade. The overall efficiency it brings to trade finance ensures cost efficiency, quicker turnaround and potentially unlocks liquidity for businesses,” marked HSBC India’s Head for Global Banking and Markets Hitendra Dave.
    </blockquote>
    
    Cost reduction
    
    Importers and exporters now use paper letters of credit to justify transactions, with each party sending documents either by mail or fax. This manual process not only slows down the pace of trade but also increases its cost.
    
    The Blockchain-powered trade finance platform in its turn is used to digitize this process, thereby saving time and costs.
    
    <blockquote>
    “The <a rel="nofollow" target="_blank" href="#">use of Blockchain</a> offers significant potential to reduce the timelines involved in exchange of export documentation from the extent 7 to 10 days to less than a day,” said Srikanth Venkatachari, joint chief financial officer at Reliance Industries.
    </blockquote>
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    Drupal\cryptocompare\TwigExtension\RemoveSpace::getcard('Owned by India’s richest man Mukesh Ambani, the oil and gas conglomerate Reliance Industries used <a rel="nofollow" target="_blank" href="#">Blockchain for its first in history</a> trade finance transaction.
        Advertisement
        
            
        
        
            
                    
                
                                                
    
            
            
                    
                
                                                
    
            
        
    
    
    Reliance Industries recently held a live Blockchain-based trade finance transaction in cooperation with Tricon Energy, a US-based global chemical distributor, a press release of HSBC India stated.
    
    <a rel="nofollow" target="_blank" href="#">card</a>
    
    The end-to-end transaction was secured by the country’s banking sector leader HSBC India and ING Bank, Brussels. For its implementation, a Blockchain platform <a href="https://u.today/banks-using-r3s-corda-completed-live-securities-transaction-worth-25-mln-euros">Corda</a> Enterprise consortium R3 was used.
    
    The platform was used to issue and manage an electronic bill of lading and was integrated with the product of trade finance digitization firm Bolero International.
    
    Using the Blockchain platform, ING Bank issued a letter of credit for Tricon Energy (importer) with HSBC India as the consulting and negotiating bank for Reliance Industries (exporter). A Letter of Credit is a bank guarantee of payment from the buyer to the seller.
    
    <a rel="nofollow" target="_blank" href="#">card </a>
    
    <blockquote>
    “The use of <a rel="nofollow" target="_blank" href="#-has-potential-to-tackle-biggest-problems-of-agribusiness-report">Blockchain</a> is a significant step towards digitizing trade. The overall efficiency it brings to trade finance ensures cost efficiency, quicker turnaround and potentially unlocks liquidity for businesses,” marked HSBC India’s Head for Global Banking and Markets Hitendra Dave.
    </blockquote>
    
    Cost reduction
    
    Importers and exporters now use paper letters of credit to justify transactions, with each party sending documents either by mail or fax. This manual process not only slows down the pace of trade but also increases its cost.
    
    The Blockchain-powered trade finance platform in its turn is used to digitize this process, thereby saving time and costs.
    
    <blockquote>
    “The <a rel="nofollow" target="_blank" href="#">use of Blockchain</a> offers significant potential to reduce the timelines involved in exchange of export documentation from the extent 7 to 10 days to less than a day,” said Srikanth Venkatachari, joint chief financial officer at Reliance Industries.
    </blockquote>
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India’s Richest Man’s Company Used Blockchain to Trade Finance

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Mon, 5/11/2018 - 12:17
India’s Richest Man’s Company Used Blockchain to Trade Finance
Cover image via U.Today
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Owned by India’s richest man Mukesh Ambani, the oil and gas conglomerate Reliance Industries used Blockchain for its first in history trade finance transaction.

Advertisement

Reliance Industries recently held a live Blockchain-based trade finance transaction in cooperation with Tricon Energy, a US-based global chemical distributor, a press release of HSBC India stated.

card

The end-to-end transaction was secured by the country’s banking sector leader HSBC India and ING Bank, Brussels. For its implementation, a Blockchain platform Corda Enterprise consortium R3 was used.

The platform was used to issue and manage an electronic bill of lading and was integrated with the product of trade finance digitization firm Bolero International.

Using the Blockchain platform, ING Bank issued a letter of credit for Tricon Energy (importer) with HSBC India as the consulting and negotiating bank for Reliance Industries (exporter). A Letter of Credit is a bank guarantee of payment from the buyer to the seller.

card

“The use of Blockchain is a significant step towards digitizing trade. The overall efficiency it brings to trade finance ensures cost efficiency, quicker turnaround and potentially unlocks liquidity for businesses,” marked HSBC India’s Head for Global Banking and Markets Hitendra Dave.

Cost reduction

Importers and exporters now use paper letters of credit to justify transactions, with each party sending documents either by mail or fax. This manual process not only slows down the pace of trade but also increases its cost.

The Blockchain-powered trade finance platform in its turn is used to digitize this process, thereby saving time and costs.

“The use of Blockchain offers significant potential to reduce the timelines involved in exchange of export documentation from the extent 7 to 10 days to less than a day,” said Srikanth Venkatachari, joint chief financial officer at Reliance Industries.

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