Reuters “reported”, Cargill Geneva sold a shipment of Argentine soybeans on behalf of its Argentine arm to Malaysia. Cargill Singapore received the delivery for its Malaysian arm of the company.
HSBC, who issued the letter of credit. indicated that the Cargill business transaction was the first of its kind using a single blockchain application. As opposed to other blockchain deals accomplished with other technologies.
According to Global Trade Review, a news source, Cargill conducted the transaction employing R3’s distributed ledger technology (DLT) platform Corda.
ING was the advising bank. The process was completed in 24 hours instead of the standard 5-10 days on paper.
Vivek Ramachandran, global head of innovation at HSBC Commercial Banking told GTR:
“We’ve still got a few more steps to do before we get to widespread adoption.”
The International banking giant could be launching blockchain pilot programs based on proof-of-concept (PoC) projects in its pursuit to transition to blockchain in live transactions.
“Going from that PoC in 2016, we’re at the tipping point of getting our customers involved in live transactions in the coming weeks and months. The technology has come a long way, we’re much more comfortable with its security and scalability,”
HSBC senior innovation manager Joshua Kroeker stated.