HSBC Becomes the First Bank to Transact Via Hyperledger on we.trade

Suzat

August 28, 2019 12:10 am

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HSBC, the multi-national bank has become the first bank to complete a transaction on the European blockchain trade platform we.trade. we.trade has initiated the particular project back in 2017. According to the reports by Global Trade Review (GTR), HSBC recently completed a transaction on the platform within the second round of pilots that started in June 2019.

HSBC’s client, Beeswift, a Midlands-based producer of protective equipment was also involved in the transaction. we.trade provides a Hyperledger Fabric-based tool that can manage, track and secure open account trade transactions between SMEs in Europe. 

According to the report, the platform plans to facilitate three major steps in SME trade, which includes providing access to trusted counterparties for direct online transactions, so-called bank payment undertaking, which is an online equivalent of a letter of credit, and financing requesting.

Major Partners of we.trade:

  1. Deutsche Bank
  2. CaixaBank
  3. Natixis
  4. Nordea
  5. Rabobank
  6. Santander
  7. Société Général
  8. HSBC and more

HSBC has also partnered with United Kingdom-based bank which is piloting Corda-powered blockchain trade project Voltron. According to HSBC, Voltron implementation reduces transaction time by 40%.

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