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Does HSBC Deal Show Blockchain Is Viable for Trade Finance?

HSBC uses blockchain to manage a letter of credit for a soybean shipment from Argentina to Malaysia, claims it is "an inflection point for how trade is conducted.”

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HSBC Holdings Plc completed a transaction using blockchain which it said shows the technology is commercially viable for trade finance.

Together with ING Bank NV, the London-based bank handled a letter of credit for Cargill Inc. which relied on the blockchain technology developed by the R3 consortium, according to an emailed statement on Monday. The letter of credit backed a shipment of soybeans transported last week from Argentina to Malaysia, the statement added.

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