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News Link • Blockchain

HSBC Completes First Trade-Finance Deal Using Blockchain,

• zerohedge.com by Tyler Durden

Just a few hours after German online bank Bitbond announced it now allows users to transfer loan anywhere in the world using bitcoin and other cryptos , a move which we said would result in a rapid adoption of blockchain technologies within the bank-disintermediation space, the FT reported that in a somewhat parallel transaction, UK-based banking giant HSBC has completed the world's first commercially viable trade-finance transaction using blockchain, in the process opening the door to mass adoption of the technology in the $9tn market for trade finance, a process which ironically culminates with traditional banks such as HSBC becoming disintermediated from the fund flows process, i.e., obsolete.

HSBC said the blockchain trade, which processed a letter of credit for US food and agricultural group Cargill, had shown the platform was ready to be commercially adopted across the industry.

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