Banking and financial services HSBC and ING have completed a trade finance transaction for agri-food trading company Cargill. The transaction was completed using a single blockchain system. It was a push to boost efficiency in the multi-trillion-dollar funding of international trade.
The Cargill transaction marked the first use of a single, shared digital application rather than multiple systems, according to HSBC. The blockchain application used is supported by 12 banks, which could help broaden the tech into more markets. Back in February, HSBC announced plans in to launch several pilot programs based on existing proof-of-concept (PoC) projects.