In another major milestone for blockchain technology, India’s largest private company, Reliance Industries, has just successfully accomplished its first ever financial transaction powered by blockchain technology.
Facilitated through HSBC Bank India and its fellow ING Bank Brussels that provided the Letter of Credit, the ‘live’ transaction has been executed over R3’s Corda blockchain.
The successfully completed transaction has proved yet again the enormous potential of blockchain technology in improving the quality and speed with which business trades are currently being executed. For instance, in a transaction between Reliance Industries and U.S.-based Tricon Energy, the current processing time of 7 to 10 business days has been shortened to less than a day!
According to the press release published by HSBC, this transaction fully “validates the commercial and operational viability of blockchain as an alternative to conventional exchanges for paper-based documentation.”
The bank further noted that the use of the blockchain technology in similar business transactions is a significant step toward digitizing trade, which would bring better cost-effectiveness, quicker turnaround times and also more transparency and security to all participants of a transaction.