Serey is utilizing Blockchain technology

HSBC India Completes Joint Blockchain-Enabled Transaction With India Holding Giant RIL



These Indian subsidiary of big global banking and it’s financial services firm HSBC and India’s holding giant Reliance Industries (RIL) have completed a blockchain-enabled trade finance transaction, this Indian business newspaper The Hindu Business Line is reports on Sunday, 04Nov. ![]( This blockchain-powered letter of credit (LoC) transaction of reportedly the first of its kind in India, it’s involved export by RIL to U.S. client Tricon Energy, it which has sufficiently reduced both the time and costs of processing documentation. This new system has represents a significant improvement in global export market interactions by bringing all parties together on one platform, This Hindu Business Line has notes. It is According to the article of the transaction solution has been implemented through the integration of blockchain with an electronic bill of lading (eBL) platform dubbed Bolero. It’s first introduced in November 2016, the Bolero eBL system allows for the issuance and management of electronic bills of lading, it’s as well as enables digital transfers of goods titles from sellers to buyers in a trade. This RIL’s joint chief financial officer Srikanth Venkatachari has commented that this new blockchain deployment has demonstrated a significant potential to reduce timelines involved in managing export documentation from the “extant seven-ten days to less than a day.” It’s earlier this week it’s a group of major global banks, it’s including U.K.-based HSBC, BNP Paribas, and Standard Chartered, launched a blockchain platform to address the financing of international trade. This platform of the dubbed eTrade Connect is reportedly able to reduce the time needed to approve trade loan applications from 36 to four hours. It’s in May of this year it international daily newspaper Financial Times had reported on HSBC completing the first global trade finance transaction powered by blockchain. This transaction has involved a LoC for U.S. food and agricultural conglomerate Cargill. [source](
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