Rio Tinto was selling a bulk shipment of iron ore originating from Australia to China for Cargill. The transaction involved BNP Paribas issuing an LC over the blockchain on behalf of Cargill to HSBC Singapore acting on behalf of Rio Tinto.
According to Cargill, the company is transforming their supply chains with digital technologies like blockchain in trade finance, commodity trade operations. In India, ING on behalf of Tricon Energy in the US—the importer—issued an LC over the blockchain to HSBC India acting on behalf of Indian conglomerate Reliance Industries. R3’s Corda blockchain platform enabled the two transactions.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now