Connect with us

#Blockchain

Indian HSBC and Reliance Industries Trade with First ever Blockchain LoC using Bolero

Published

on

Reliance Industries to process its export commitment to Tricon Energy Letter of Credit (LoC) deploying electronic Bill of Lading (eBL) platform Bolero.

In a first-ever instance of Blockchain usage in trade finance in India: Reliance Industries (RIL) to process its export commitment to Tricon Energy, one of its US-based Client used HSBC (India)-engineered Letter of Credit (LoC) deploying electronic Bill of Lading (eBL) platform Bolero to benchmark the country’s adoption of disruptive decentralized ledger technology in domestic and cross-border transactions.

The reason for this swift jump to the new age technology platform was for the strategic advantages it holds for the stakeholders – time and costs of documentation for completing the process.

It is expected that this example of seamless blockchain use and the inherent benefits that corporate and individual businesses can target will drive adoption of blockchain-driven platforms in India. The country is lagging behind in transiting to this transaction mode since the use of blockchain-LoCs, eBL is in advanced stages of adoption in digital-first economies in the Middle East and APEC nations.

 

Why was Blockchain-LoC used?

The financial transaction on behalf of RIL, which is India’s largest holding companies with a vertical presence in oil and gas production, media, and telecom, to handle it’s export to US-based energy client has lessons for the Indian export sector.

Exports are complex transactions, one of which is for banks to issue Letter Of Credit for the consignment to reach the importer, apart from a process called a bill of lading or (BL). The complexity of these processes involving multiple parties and sometimes government regulatory bodies for their approval is time-consuming and costly.

One of the first areas where blockchain was used in transactional finance was in digitizing the Bill of Lading or eBL and is offered by several service providers.

HSBC, BNP Paribas, Standard Chartered are some of the global banks investing in blockchain platforms to drive cross-border transactions.

 

What is eBL and Bolero Platform?

The blockchain is essentially a technology which uses computing power to document transactions transparently and is also often called Decentralized Ledger Technology. Since every transaction is recorded and can be seen publicly, there is no room for ‘mutation’ of transactions and is thus a hot favorite for every type of ledger-keeping business from logistics and supply industries to pharmaceuticals patenting their innovation.

Bolero is a blockchain eBL services provider, offering its services since November 2016. The system developed by this platform allows issue and management of e-form bill of lading and is integrated with digital transfer of goods, titles involving buyers and sellers in any given trade.

 

Impact of Bolero and Blockchain for India

According to one of the first executives in India to be involved in a blockchain export order completion, Chief Financial Officer of RIL, Srikanth Venkatachari shared that this system holds the immense potential of application in finance and trade transactions. He believes that the ability of such transaction processes to lower time, centrally manage all the export documentation would be a boon since it takes nearly seven to ten days for such processes to be completed in traditional methods. Bolero-based blockchain eBL and eLoC took a single day for RIL and HSBC to be completed.

#Blockchain

Adoption: Courts in France adopt blockchain technology

Published

on

The NCC or National Council of Clerks of France have finally tested a blockchain technology-based solution for the courts of the country.

The NCC or National Council of Clerks of France recently made an announcement that they have finally tested a blockchain technology-based solution for the courts and are now prepared to launch it throughout France. The National Council of Clerks is a representation of the clerks of the corporate and commercial registry in around a hundred thirty-hour workplaces in France. The workplaces depend upon one another for sharing important data.

 

The goal of NCC France

The NCC is determined to streamline and position the latest information technology that capitulates something that is known as ‘the single version of the truth’. The data tracks an organization’s growth, dissolution, change of location etc. The sharing of data amongst each other was earlier a big challenge for the NCC.

 

The project based on blockchain technology had an aim of rapid cycle times and precision of information. In the pilot phase of the project, the National Council of Clerks in France was able to lessen the timing of registry operation involving a lot of days to just one day.

 

According to the president of France National Council of Clerks, Sophie Jonval, the project based on blockchain technology is an outcome of the partnership with IBM. IBM who is already an expert in blockchain technology and cryptography has been serving as a technological partner.

 

According to the NCC, the project shall be rolled out in the 1st half of 2019 and the project shall ensure a transparent and improved dynamics of the interactions between the clerks.

Continue Reading

#Blockchain

HSBC Bank Looking to Expand Blockchain Platform Voltron in South Korea

Published

on

HSBC, the largest bank in Europe is searching for banks in South Korea for launching Voltron, it's blockchain platform as reported by the Korean Times.

HSBC, the largest bank in Europe is searching for banks in South Korea for launching Voltron, it’s blockchain platform as reported by the Korean Times.

 

HSBC Voltron:

The Voltron platform delivers a more quick method to process and settle invoices using by using permissioned blockchain technology. The permissioned blockchain stops the transactional data from being shared with everyone but instead, the data is shared with only consented users. The platform decreases the time that is usually required for the total process.

 

According to Joshua Kroeker, the innovation director of HSBC, the platform would mostly impact the process timing. Thus the transparency which comes with blockchain, as well as the rapid flow, would help the banks in managing their working capital as well as their cash flows. Kroeker reached out to the banks in South Korea to partner with their blockchain platform i.e. Voltron for the letters of credit.

 

HSBC’s blockchain platform was initiated in 2018 and is currently partnered with seven banks namely Standard Chartered, Bangkok Bank, BNP Paribas, ING, CTBC Holding, SEB, and NatWest. The platform is still in its pilot stage however, it shall soon be launched commercially.

Continue Reading

#Blockchain

World’s biggest Blockchain ETF on London Stock Exchange

Published

on

The world's biggest blockchain ETF is scheduled to be launched by Invesco on the London Stock Exchange by Invesco, a large investment management company.

Cryptocurrency enthusiasts around the world have been curiously waiting for a bitcoin ETF to be approved by the SEC or any other potential government in the world. However, before a bitcoin ETF, the world’s biggest blockchain ETF is scheduled to be launched by Invesco on the London Stock Exchange. Invesco is a large investment management company that has more than $800 billion in assets under management.

 

World’s biggest Blockchain ETF

At the launch, the Blockchain ETF will invest in a portfolio of forty-eight companies including the CME Group, a US exchange which had earlier launched bitcoin futures on the exchange and Taiwan Semiconductor Manufacturing, a company that supplies crypto mining machines. Other companies are those that have an exposer to the blockchain technology.

 

The Blockchain ETF will be based on a proprietary scoring system made by Elwwod Asset Management LLP. According to Bin Ren, the chief executive officer at Elwood, the blockchain goes past cryptocurrencies. He mentioned that although blockchain technology is mostly being used by financial companies, it will be implemented in a vast range of industries soon.

Continue Reading

Keep up with Bitcoin & Blockchain Technology Trends

Simply enter your email address in the box below and sign up for emails from Coinnounce regarding trending cryptocurrency, bitcoin & blockchain topics and offers.

This information will never be shared with third parties.