Reliance receives India’s 1st LC Payment via Blockchain

In a first for India, HSBC Holdings Plc has executed a trade finance transaction using blockchain for an export by Reliance Industries Ltd (RIL) to US-based Tricon Energy. The blockchain-enabled letter of credit (LC) transaction substantially reduced the time taken for such deals.

The use of blockchain offers significant potential to reduce the timelines involved in the exchange of export documentation from the extant 7-10 days to less than a day. The transaction allowed a digital transfer of the title of goods from the seller to the buyer.

Source- The Livemint 

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