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The oil conglomerate Reliance Industries, owned by the richest person in India, Mukesh Ambani; He started using blockchain technology to make his first financial transaction.
According to an HSBC India press release, Reliance Industries is reported to have made a financial transaction using the blockchain in collaboration with Tricon Energy, a North American chemical technology distributor.
The transaction was facilitated by two leading banking institutions, HSBC India and ING Bank Brussels, and was carried out on the blockchain platform of the R3 consortium, Corda.
The Corda platform has been integrated with Bolero International, a British supplier, and has been used to issue and manage an electronic freight law.
On this platform, a credit was issued by ING Bank for Tricon Energy USA (the importer) with HSBC India as a consulting bank for Reliance Industries, India (the exporter).
Hitendra Dave, Head of Banking and Global Markets at HSBC India, said:
"The use of blockchain technology is an important step towards the future – the efficiency it helps to ensure the profitability, speed and liquidity of our business."
At present, importers and exporters use paper credit lists for their transactions. Each party involved must send the documents by fax or mail, which considerably slows the process and costs more.
In this sense, a platform based on blockchain aims to digitize this process, which saves time and money.
"The use of blockchain technology offers us considerable potential to reduce the time of exchange of export documents, from 7 to 10 days to complete the entire process." less than a day ", concluded Srikanth Venkatachari, CFO of Reliance Industries.
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