Banking and Financial Services giant HSBC has completed the first blockchain-accredited blockchain-accredited blockchain transaction using the Voltron trade finance platform.
As reported by Reuters on September 2, HSBC conducted the first blockchain-based blockchain based on a Yuan-Denominated Transaction Letter of Credit using the Voltron platform powered by Cord of the R3. In a cross-border transaction, Hong Kong-based electronics maker MTC Electronics exports a shipment of LCD products to its parent company Shenzhen MTC.
24 hours instead of ten days
The blockchain platform apparently allowed parties to exchange electronic documents for 24 hours instead of the regular five to 1
"We hope to have something by the end of the year, maybe the first quarter of next year, where we will find out from Voltron what it is worth, at this point many banks that can sit on the sidelines will be able to make a decision. “
Streamlining Trade Finance Documents
R3 in collaboration with eight banks – including Bangkok Bank, BNP Paribas, CTBC Holding, HSBC, ING, NatWest, SEB and Standard Chartered – originally launched Voltron last October in an attempt to digitize trade finance documents and attract more member banks and companies.
In August, London-based banking and financial services company Standard Chartered completed its first cross-border transactional letter of credit in the oil industry with Thai state-owned oil giant PTT Group.
The pilot consisted of digitizing and simplifying the exchange of information between all parties when delivering an oil product from Thailand to Singapore.