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Blockchain transaction
November 5 , 2018
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- In a first for India, HSBC Holdings Plc has executed a trade finance transaction using blockchain Technology for an export by Reliance Industries Ltd (RIL) to US-based Tricon Energy.
- The blockchain-enabled letter of credit (LC) transaction substantially reduced the time taken for such deals
- The letter of credit was issued by ING Bank for Tricon Energy USA (importer) with HSBC India as the advising and negotiating bank for RIL.
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