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HSBC’s Blockchain-based Trade Finance Reduces Transactions by 40%

Sofia Carera

Summary: Reported on July 10th, 2019, the Global Bank, HSBC, tested their blockchain platform Voltron and found it reduced financial transactions by 40%. In a shipment between Honk Kong and Dubai, HSBC joined forces with Landmark Group and connected their blockchain platform, ReChainMe, with Voltron which allowed this reduced of time. HSBC released a statement commenting ...

Reported on July 10th, 2019, the Global Bank, HSBC, tested their blockchain platform Voltron and found it reduced financial transactions by 40%. In a shipment between Honk Kong and Dubai, HSBC joined forces with Landmark Group and connected their blockchain platform, ReChainMe, with Voltron which allowed this reduced of time. HSBC released a statement commenting on the reduced transaction time, “Having the two platforms seamlessly connected meant all parties in the supply chain ecosystem were able to track and view the progress of the transaction, agree on the terms of the transaction including logistics, co-create and approve documents and fast track supplier payments, all in real time.”

Author: Sofia Cabrera

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