HSBC BREAK THROUGH FIRST BLOCK-CHAIN – HSBC has carried out the world’s first commercially viable trade-finance using blockchain. This has opened the flood gates to a mass adoption of the technology in the $9tn market for trade-finance. The introduction of blockchain, which underlies Cryptocurrencies such as Bitcoin, will shakeup the trade-finance industry, and will also reduce the numerous documents and several days of processing needed or a single transaction and create a paperless task that can be executed within hours. HSBC said that the blockchain trade that processed a letter of credit for US food and agricultural group, Cargill, had shown the platform ready for commercial use across the industry. The transaction for Cargill was for a shipment of Soya Beans from Argentina to Malaysia. HSBC used the Corda blockchain platform which was developed by R3. The Dutch bank ING has also adopted the new technology, and was the counterparty of this deal that took place. #SpartanInternational