Reliance Industries, the largest holding and public company in India, successfully completed the first trade finance deal through the Blockchain solution.
The transaction was performed on the Corda R3 platform, which was described as a single application that doesn’t require several isolated digital systems for different counterparties located around the world.
The operation involved several parties. The American company Tricon Energy, a global distributor of chemicals and polymer products, was an importer in the deal. The letter of credit for it was issued by ING Bank Brussels. Advance Bank for Exporter Reliance Industries has become HSBC India.
Processing via the Blockchain platform took digitized letters of credit and banking documentation in less than a day, despite the fact that in the traditional way it takes 7-10 days.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.