HSBC Becomes First Bank to Perform Money Transfer Using Blockchain
HSBC Holdings, a multinational banking and financial service major has become world's first bank to perform a financial transaction using blockchain technology. The step marks a major boost to efficiency and reduction of errors in the multitrillion-dollar funding of international trade.
The transaction took place successfully by HSBC and Dutch bank ING for food and agricultural group Cargill. State Street and BNP Paribas were also among the financial institutions that have been involved in the project. While Blockchain consortiums Finastra and R3 will look into the technology side of things.
Use of blockchain technology in the banking industry is something still maiden at the moment and is expected to reduce the risk of fraud in letters of credit and other transactions as well as cut...