Gas and Oil Reliance Industries owned by India’s richest and business
According to a news release, recently Reliance Industries conducted a live blockchain trade finance transaction in association with US-based global chemical trader Tricon Energy.
For readers who don’t know about the technology, a blockchain is an online ledger that uses a data structure to simplify the way we conduct a transaction. Blockchain allows users to make changes in the ledger in a secure way without the help of a third party.
A bank’s ledger is connected to a centralized network. A blockchain is anonymous, it protects the identities of the users who conduct
Sunny Ray, Co-founder and President of India’s bitcoin blockchain company, Unocoin says, “blockchain enables two parties that do not know each other to agree that something is true without the need of a third party. As without the need of writing entries into a single sheet of paper, a blockchain is a distributed database that takes a number of inputs and places them into a block. Each block is then linked to the next block using a cryptographic signature. This allows blockchains to be used as a ledger which is accessible by anyone with permission to do so.”
The recent release adds that the end-to-end transaction was assisted by banking majors HSBC INDIA and ING Bank, Brussels, and carried out on enterprise association R3’s Corda.
U.K. based trade finance digitization firm Bolero International provided the platform with an integration with Corda platform. After the transaction, it issued them an electronic bill of the lading.
The release explains about a letter of credit that was issued by the ING Bank for
Hitendra Dave, HSBC INDIA’s head for global banking and markets said:
“The use of blockchain technology is a significant step towards
These days the importers and exporters still use paper-based letters for credit with each party sending and receiving documents either by post or fax. The blockchain technology trade finance platform is aimed to
“The use of blockchain offers significant potential to save the time involved in