• The World's First Trade Finance Transaction on the Blockchain Involves Soybeans

    12 days ago - By Fortune

    HSBC said it has performed the world's first trade finance transaction using blockchain technology.
    Here's what happened: HSBC issued a letter of credit for U.S. food and agriculture firm Cargill to Dutch lender ING. The trade finance transaction involved a shipment of soybeans from Argentina to Malaysia.
    Using blockchain technology, this letter is stored on an open, distributed ledger where every transaction is visible to anyone with access to the system. This eliminates the need for paper reconciliation and a long chain of digital communication between the two parties. HSBC and ING said...
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