The world’s 1st blockchain-powered trade finance deal

This month saw the exciting news of HSBC and Dutch Bank ING making a commercial trade finance deal using blockchain, which was the first application of this disruptive technology in trade finance. The banks handled the transaction for the US agriculture group Cargill, for a shipment of soybeans from Argentina to Malaysia. The transaction time and paperwork exchange would normally take 5 to 10 days but the technology shortened it to 24 hours.

The transaction was completed on Corda Blockchain, a platform developed by the R3 consortium. The technology substantially cut the transaction time, allowed real-time tracking of goods and documents in a more secure manner, and facilitated instantaneous paper reconciliation. The transaction is a milestone for blockchain application in the banking industry. Let’s see what will come out of it in the future!


全球第一宗區塊鏈貿易融資

匯豐與ING銀行完成全球第一宗區塊鏈貿易融資,是區塊鏈技術首次在貿易融資交易上的應用。這次交易中,匯豐與ING銀行為食品及農業產品製造商嘉吉(Cargill)完成跨國交易,交易涉及以海運把大豆由阿根廷運到馬來西亞,區塊鏈技術把以往需時五至十天的文件往還時間縮短到二十四小時,大大節省了交易時間。

這次的交易在區塊鏈聯盟R3的Corda 區塊鏈平台上完成,不但省時,並且安全地進行實時貨品和文件追踪,以及自動對賬。這次區塊鏈技術應用是該技術在金融業應用的重大突破,為區塊鏈金融奠下一大重要里程碑