Last week, HSBC and ING Bank successfully executed a live trade-finance transaction for international food and agriculture conglomerate Cargill using R3’s Corda blockchain platform.
This was a bulk shipment of soybeans from Argentina, through Cargill’s Geneva trading arm to Malaysia, with Cargill’s Singapore subsidiary as the purchaser. A letter of credit (LC) was issued using Corda by HSBC to ING. The two banks were acting on behalf of the Cargill organizations.
But why should anyone care?
Banks have been touting such transactions for the best part of two years now.
