Topic: HSBC: First commercial transaction concluded via Blockchain (Read 187 times)

Appreciate it, man, that's great news and a real-world use case of the blockchain technology.

This is big news. Although this is not necessarily a big move for crypto because they made use of different blockchain solution (non-crypto), it is still good for crypto in-general. If anything, it goes to further validate that blockchain is indeed extremely useful for transactions and the same could be applied to cryptocurrencies.

Dude, did you read my arguments ahhaha? Corda is a open-source blockchain, it's not a coin, it's a code I would say.
Here for you:

"R3 is an enterprise software firm working with a network of over 200 banks, financial institutions, regulators, trade associations, professional services firms and technology companies to develop on Corda, our blockchain platform designed specifically for businesses."


I think these are risks that everyone has to be clear of. Both sides, the trader and the banks have to know that it can happen that way.


That's it, I also think they will just use the technology as Corda or R3 for their kind of business. I really like the way this is developping!


I found it very interesting and it's a great topic to discuss, so I really like to see more and more opinions about this whole area.
I think we really use most of the blockchain just for trading some coins, but some projects are up to more than just that. Let's see!


I personally don't really like Ripple, but the partnerships are something what makes this coins more reasonable for me! I like the way where this will lead to. But I have to inform myself more about Ripple before I post something about it. But what I just found is:
"Ripple has launched a new initiative, Xpring, that will provide investments and grants to entrepreneurs using the XRP token and the XRP ledger (more in this article)"

This is definitely great news for the future of the blockchain technology, ripple has also made numerous partnerships with a number of banks and financial institutions mainly the remittance service providers, all these partnerships will eventually lead towards the mass adoption and realization among the governments and big establishments that blockchain tech is the real thing and the way forward.

This is one of the most cool news I have seen around bitcointalk forums lately.
Some people may underestimate commercial but its probably more important than personal trades for future.

This is great news. Now the true unstoppable revolution begins. I predict hard times for the fiat

I don't believe they will use the current cryptos either other than Bitcoin but they will certainly use the technology. And since one bank has begun to use blockchain for remittances internationally, it is only going to open the flood gates for later. Previously I disliked HSBC, but as they are opening this side of the world for the other, I appreciate their help in doing so  .

The problem will be if the value of bitcoin drops before transaction is complete. Will bank ask for difference to be made?

may be in the future all bank will use like this Corda platform, whats valuable of Corda? may be like ripple or better?

I just wanted to get on the fact, that there are a lot of testing for the banking systems based on blockchain. We are actually in really interesting times right now. Let's see when we're getting more information about that and maybe with some cryptocurrencies, fast transactions, etc.

It won't be the death of blockchain as I would say, just a new partner joining the game.

i think this is a good news in cryptocurrencies world,so with blockchain all more easy and simple.

Many banks take blockchain serious but they may want to keep it secret for now but as far as I can see, hsbc is very serious in using blockchain.

I will admit I have no real understanding of this letter of credit but we have seen banks move well past the issue of cryptocurrency and taking blockchain seriously. I think it has actually moved much faster than we all thought given the initial furor of banks over blockchain and crypto.

So maybe with things like Ripple coming aboard and all these platforms like Corda coming, maybe the global banking world will all be on blockchain with their own private systems.

Death of decentralization for blockchains? Or just a big divide between public and private?

HSBC used Corda or Corda Platform as the basis from the blockchain startup r3 (more information can be found here). Corda is to serve as an open source platform that will make partnerships like this possible. Working closely with the partners, to create a diverse ecosystem of interoperable applications within one platform, all providing unique solutions to the challenges facing financial market participants today.

which blockchain was used and what was the amount of transaction? please elaborate

Europe's largest bank, HSBC, has concluded its first commercial trading transaction via the Blockchain. This was a letter of credit for Cargill issued to the Dutch lender ING. What used to take days was completed within 24 hours with the help of the blockchain.

As CNBC reported on May 14, HSBC (Hong Kong & Shanghai Banking Corporation Holdings PLC) has probably completed the world's first commercial trade finance transaction using Blockchain technology. HSBC is based in London and is the largest international bank in Europe. The transaction involved a letter of credit for the American food and agricultural company Cargill, which was issued to the bank ING. Part of this was a mass delivery of soybeans from Argentina to Malaysia.

Letters of credit are mostly used in international trade. They are contractual obligations of the buyer's bank to make payment to the seller when he presents certain documents. This gives buyers and sellers the greatest possible security over their trading business.

Previously, such a transaction had taken five to ten days and a lot of paperwork. With the use of Blockchain technology, trading could be completed within 24 hours. HSBC used the Corda platform of the block chain start-up R3.

One of the quotes from the Head of Growth and Innovation at HSBC, Vivek Ramachandran is saying:
"The need for paper voting is eliminated as all parties are linked on the platform and updates are immediate. The rapid turnaround could mean the release of liquidity for companies."

Another spokesman for the company emphasized that although proof of concept transactions with the Blockchain technology had already been carried out, HBSC was the first to use it commercially. The blockchain offers enormous potential for this, since it can process large amounts of data within a network and not only transparently, but also invariably. Santander Bank's recent announcement showed that banks are also beginning to appreciate these qualities.


Do you think banks will use existing cryptocurrencies for their kind of banking if all that will really come?
I think not, they're just using the concepts, but not existing currencies on the blockchain.
Will banks bear in mind payment coins? Is that all feasable?

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