Reliance Industries, HSBC execute blockchain trade and finance transaction

Banks across the world are adopting blockchain as a transparent, quick and secure platform for sharing documents, validating authenticity and enabling faster financial transactions

Reliance Industries Limited (RIL) and Tricon Energy executed a first of its kind blockchain-based letter of credit (LC) transaction facilitated by HSBC India and ING Bank Brussels.    

Using R3's Corda blockchain platform, the LC was issued by ING Bank on behalf of the importer Tricon Energy (USA) with HSBC India acting as the advisory bank for RIL.   

Hitendra Dave, head of global banking & markets, HSBC India, said, "The use of blockchain is a significant step towards digitising trade. It has a transformative impact on trade finance transactions and enables greater transparency and enhanced security, in addition