Exclusive: Cargill – the truth behind our blockchain LC transaction
The Asia treasurer tells CT the limits of blockchain to its business and what more needs to be done to speed up trade finance.
In mid-May, HSBC and ING jointly announced they had completed a groundbreaking trade finance transaction using R3’s Corda blockchain platform. Cargill, a US agri-trader and processor, was the first beneficiary of this initiative. It made a shipment of soybeans from Argentina to Malaysia using a traditional letter of credit (LC).
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