The company a multinational banking HSBC became the first financial institution in performing a lending transaction in the trading platform for european-based Blockchain, we.trade. The platform we.trade initiated the project in 2017, but it was not until now that they managed the funding of one of the giants of the financial industry, HSBC. This technology company offers a tool based on Hyperledger Fabric to manage, track and ensure the business transactions of the open account between SMES (Small And Medium-sized Enterprises) in Europe. The platform intends to provide three major steps in the trade of SMES, including access to a trusted partner for direct transactions online, the so-called commitment of payment by the bank, which is an online equivalent of a letter of credit, and the funding request. The company’s bank, according to what reported by the economy magazine, Global Trade Review, also recently funded a transaction in the platform into a second round of pilot projects began in June 2019. This operation involved an HSBC customer, Beeswift, a producer of protection equipment, with headquarters in the Midlands, and its sale to a Dutch firm Rabobank. However, we.trade is not the only initiative Blockchain related to the trade that is being funded by HSBC. It is important to remember that previously the financial institution had already been riding the trade project, through the chain of blocks, driven by Corda, Voltron. It is believed that due to the excellent results, as it managed to reduce the transaction time by 40% after its implementation in Voltron, is that HSBC has decided to support a similar project currently. But the work of we.trade up to now has not been for nothing bad; in fact, it has the support of 12 shareholders, including Deutsche Bank, CaixaBank, Natixis, Nordea, Rabobank, Santander, Société Générale and HSBC. Even the 12 banks had earlier signed license agreements to use the platform in January of 2019. That HSBC is involved with Blockchain, or even with the cryptocurrencies is nothing surprising, since this has been one of the companies that has moved closer to its adoption, especially in the case of the technology of chain blocks. The following two tabs change content below. I am a student of International Studies, interested in new technologies and their impact on the world. A true believer that tenacity is the foundation of success.
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