The British HSBC Bank carried out its first international commerce valuation operation using blockchain technology – by sending a letter of credit to the American agricultural company Cargill. The Cargill transaction was made to supply soybeans from Argentina to Malaysia. HSBC used the blockchain platform Corda, developed by the consortium R3, and Dutch bank ING was the counterparty in this deal.
The next step for HSBC will be attracting the maximum number of participants that would be interested in using such technology.