HSBC Sets Record as First Bank to Complete Hyperledger Transaction Through We.trade

HSBC, one of the world’s major banking firms, has recorded a new win as the first bank to initiate and conclude a full finance transaction on the we.trade blockchain network. The transaction facilitated the acquisition of Beeswift, a client of HSBC which specializes in the production of protective equipment.

The we.trade platform plans began in 2017 and was officially registered as its own entity in April 2018. Since inception till now, it has on-boarded about 12 different firms as shareholders including UniCredit, Caixabank, HSCBC, Erste Group, Deutsche Bank, Nordea, Santander, Natixis, KBC, Rabobank, UBS and Société Générale.

The platform is based in Dublin, Ireland, and presents clients with the opportunity of tracking, and general management of all its transactions, especially between two or more firms. we.trade uses Hyperledger Fabric to support transactions in three major ways.

Firstly, the platform can help a firm find credible partners to transact with, making sure it’s all done online and in the most transparent of ways. After that, we.trade can help with a bank issued letter of credit called Bank Payment Undertaking (BPU). This is basically an undertaking presented by the bank representing the buyer, saying it will pay the required amount at a specific date. The BPU is irretrievable. Lastly, the seller can finance the payment in such a way that the BPU is discounted.

HSBC reportedly has its hands in another pie other than we.trade. Reportedly, Voltron, a blockchain powered by Corda is also being backed by the banking giant.

Image Credits: Unsplash

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HSBC Sets Record as First Bank to Complete Hyperledger Transaction Through We.trade

HSBC, one of the world’s major banking firms, has recorded a new win as the first bank to initiate and conclude a full finance transaction on the we.trade blockchain network. The transaction facilitated the acquisition of Beeswift, a client of HSBC which specializes in the production of protective equipment.

The we.trade platform plans began in 2017 and was officially registered as its own entity in April 2018. Since inception till now, it has on-boarded about 12 different firms as shareholders including UniCredit, Caixabank, HSCBC, Erste Group, Deutsche Bank, Nordea, Santander, Natixis, KBC, Rabobank, UBS and Société Générale.

The platform is based in Dublin, Ireland, and presents clients with the opportunity of tracking, and general management of all its transactions, especially between two or more firms. we.trade uses Hyperledger Fabric to support transactions in three major ways.

Firstly, the platform can help a firm find credible partners to transact with, making sure it’s all done online and in the most transparent of ways. After that, we.trade can help with a bank issued letter of credit called Bank Payment Undertaking (BPU). This is basically an undertaking presented by the bank representing the buyer, saying it will pay the required amount at a specific date. The BPU is irretrievable. Lastly, the seller can finance the payment in such a way that the BPU is discounted.

HSBC reportedly has its hands in another pie other than we.trade. Reportedly, Voltron, a blockchain powered by Corda is also being backed by the banking giant.

Image Credits: Unsplash

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HSBC Sets Record as First Bank to Complete Hyperledger Transaction Through We.trade

HSBC, one of the world’s major banking firms, has recorded a new win as the first bank to initiate and conclude a full finance transaction on the we.trade blockchain network. The transaction facilitated the acquisition of Beeswift, a client of HSBC which specializes in the production of protective equipment.

The we.trade platform plans began in 2017 and was officially registered as its own entity in April 2018. Since inception till now, it has on-boarded about 12 different firms as shareholders including UniCredit, Caixabank, HSCBC, Erste Group, Deutsche Bank, Nordea, Santander, Natixis, KBC, Rabobank, UBS and Société Générale.

The platform is based in Dublin, Ireland, and presents clients with the opportunity of tracking, and general management of all its transactions, especially between two or more firms. we.trade uses Hyperledger Fabric to support transactions in three major ways.

Firstly, the platform can help a firm find credible partners to transact with, making sure it’s all done online and in the most transparent of ways. After that, we.trade can help with a bank issued letter of credit called Bank Payment Undertaking (BPU). This is basically an undertaking presented by the bank representing the buyer, saying it will pay the required amount at a specific date. The BPU is irretrievable. Lastly, the seller can finance the payment in such a way that the BPU is discounted.

HSBC reportedly has its hands in another pie other than we.trade. Reportedly, Voltron, a blockchain powered by Corda is also being backed by the banking giant.

Image Credits: Unsplash

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HSBC Sets Record as First Bank to Complete Hyperledger Transaction Through We.trade

HSBC, one of the world’s major banking firms, has recorded a new win as the first bank to initiate and conclude a full finance transaction on the we.trade blockchain network. The transaction facilitated the acquisition of Beeswift, a client of HSBC which specializes in the production of protective equipment.

The we.trade platform plans began in 2017 and was officially registered as its own entity in April 2018. Since inception till now, it has on-boarded about 12 different firms as shareholders including UniCredit, Caixabank, HSCBC, Erste Group, Deutsche Bank, Nordea, Santander, Natixis, KBC, Rabobank, UBS and Société Générale.

The platform is based in Dublin, Ireland, and presents clients with the opportunity of tracking, and general management of all its transactions, especially between two or more firms. we.trade uses Hyperledger Fabric to support transactions in three major ways.

Firstly, the platform can help a firm find credible partners to transact with, making sure it’s all done online and in the most transparent of ways. After that, we.trade can help with a bank issued letter of credit called Bank Payment Undertaking (BPU). This is basically an undertaking presented by the bank representing the buyer, saying it will pay the required amount at a specific date. The BPU is irretrievable. Lastly, the seller can finance the payment in such a way that the BPU is discounted.

HSBC reportedly has its hands in another pie other than we.trade. Reportedly, Voltron, a blockchain powered by Corda is also being backed by the banking giant.

Image Credits: Unsplash

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HSBC Sets Record as First Bank to Complete Hyperledger Transaction Through We.trade

HSBC, one of the world’s major banking firms, has recorded a new win as the first bank to initiate and conclude a full finance transaction on the we.trade blockchain network. The transaction facilitated the acquisition of Beeswift, a client of HSBC which specializes in the production of protective equipment.

The we.trade platform plans began in 2017 and was officially registered as its own entity in April 2018. Since inception till now, it has on-boarded about 12 different firms as shareholders including UniCredit, Caixabank, HSCBC, Erste Group, Deutsche Bank, Nordea, Santander, Natixis, KBC, Rabobank, UBS and Société Générale.

The platform is based in Dublin, Ireland, and presents clients with the opportunity of tracking, and general management of all its transactions, especially between two or more firms. we.trade uses Hyperledger Fabric to support transactions in three major ways.

Firstly, the platform can help a firm find credible partners to transact with, making sure it’s all done online and in the most transparent of ways. After that, we.trade can help with a bank issued letter of credit called Bank Payment Undertaking (BPU). This is basically an undertaking presented by the bank representing the buyer, saying it will pay the required amount at a specific date. The BPU is irretrievable. Lastly, the seller can finance the payment in such a way that the BPU is discounted.

HSBC reportedly has its hands in another pie other than we.trade. Reportedly, Voltron, a blockchain powered by Corda is also being backed by the banking giant.

Image Credits: Unsplash

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HSBC Sets Record as First Bank to Complete Hyperledger Transaction Through We.trade

HSBC, one of the world’s major banking firms, has recorded a new win as the first bank to initiate and conclude a full finance transaction on the we.trade blockchain network. The transaction facilitated the acquisition of Beeswift, a client of HSBC which specializes in the production of protective equipment.

The we.trade platform plans began in 2017 and was officially registered as its own entity in April 2018. Since inception till now, it has on-boarded about 12 different firms as shareholders including UniCredit, Caixabank, HSCBC, Erste Group, Deutsche Bank, Nordea, Santander, Natixis, KBC, Rabobank, UBS and Société Générale.

The platform is based in Dublin, Ireland, and presents clients with the opportunity of tracking, and general management of all its transactions, especially between two or more firms. we.trade uses Hyperledger Fabric to support transactions in three major ways.

Firstly, the platform can help a firm find credible partners to transact with, making sure it’s all done online and in the most transparent of ways. After that, we.trade can help with a bank issued letter of credit called Bank Payment Undertaking (BPU). This is basically an undertaking presented by the bank representing the buyer, saying it will pay the required amount at a specific date. The BPU is irretrievable. Lastly, the seller can finance the payment in such a way that the BPU is discounted.

HSBC reportedly has its hands in another pie other than we.trade. Reportedly, Voltron, a blockchain powered by Corda is also being backed by the banking giant.

Image Credits: Unsplash

Related:

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HSBC Sets Record as First Bank to Complete Hyperledger Transaction Through We.trade

HSBC, one of the world’s major banking firms, has recorded a new win as the first bank to initiate and conclude a full finance transaction on the we.trade blockchain network. The transaction facilitated the acquisition of Beeswift, a client of HSBC which specializes in the production of protective equipment.

The we.trade platform plans began in 2017 and was officially registered as its own entity in April 2018. Since inception till now, it has on-boarded about 12 different firms as shareholders including UniCredit, Caixabank, HSCBC, Erste Group, Deutsche Bank, Nordea, Santander, Natixis, KBC, Rabobank, UBS and Société Générale.

The platform is based in Dublin, Ireland, and presents clients with the opportunity of tracking, and general management of all its transactions, especially between two or more firms. we.trade uses Hyperledger Fabric to support transactions in three major ways.

Firstly, the platform can help a firm find credible partners to transact with, making sure it’s all done online and in the most transparent of ways. After that, we.trade can help with a bank issued letter of credit called Bank Payment Undertaking (BPU). This is basically an undertaking presented by the bank representing the buyer, saying it will pay the required amount at a specific date. The BPU is irretrievable. Lastly, the seller can finance the payment in such a way that the BPU is discounted.

HSBC reportedly has its hands in another pie other than we.trade. Reportedly, Voltron, a blockchain powered by Corda is also being backed by the banking giant.

Image Credits: Unsplash

Related:

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HSBC Sets Record as First Bank to Complete Hyperledger Transaction Through We.trade

HSBC, one of the world’s major banking firms, has recorded a new win as the first bank to initiate and conclude a full finance transaction on the we.trade blockchain network. The transaction facilitated the acquisition of Beeswift, a client of HSBC which specializes in the production of protective equipment.

The we.trade platform plans began in 2017 and was officially registered as its own entity in April 2018. Since inception till now, it has on-boarded about 12 different firms as shareholders including UniCredit, Caixabank, HSCBC, Erste Group, Deutsche Bank, Nordea, Santander, Natixis, KBC, Rabobank, UBS and Société Générale.

The platform is based in Dublin, Ireland, and presents clients with the opportunity of tracking, and general management of all its transactions, especially between two or more firms. we.trade uses Hyperledger Fabric to support transactions in three major ways.

Firstly, the platform can help a firm find credible partners to transact with, making sure it’s all done online and in the most transparent of ways. After that, we.trade can help with a bank issued letter of credit called Bank Payment Undertaking (BPU). This is basically an undertaking presented by the bank representing the buyer, saying it will pay the required amount at a specific date. The BPU is irretrievable. Lastly, the seller can finance the payment in such a way that the BPU is discounted.

HSBC reportedly has its hands in another pie other than we.trade. Reportedly, Voltron, a blockchain powered by Corda is also being backed by the banking giant.

Image Credits: Unsplash

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IIT-Backed Kerala Blockchain Academy Selected As Partner for R3

KBA site
A screenshot of Kerala Blockchain Academy’s website
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Kerala Blockchain Academy has been selected as a general partner of R3, an enterprise blockchain software firm working with more than 300 organizations across multiple industries.

A press release said that KBA is an initiative of Government of the Indian state of Kerala, under Indian Institute of Information and Technology and Management – Kerala (IIITM-K), that explores the disruptive potential of the blockchain technology for achieving public good through capacity building to promote Research, Development and Entrepreneurship.

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The press release added that KBA has already designed a developer certification program on Corda blockchain, which will be launched next month. This program is reportedly meant for banking and technology professionals and includes training on Corda App development. KBA also provides in-person training on technologies such as Hyperledger and Ethereum.

The KBA came into prominence, early last year, when the Kerala-government run Indian Institute of Technology and Management had partnered with internationally renowned Blockchain Education Network to set up a first-of-its kind Blockchain Academy.

Michael Gord, founder and CEO, MLG Blockchain Consulting, was to launch the website. Gord is also an Advisory Board Member. Saji Gopinath, director at IITM had said, “The academy plans to explore the possibilities of leveraging blockchain technology for public good, capacity building initiatives and promoting disruptive innovations and entrepreneurship with blockchain technology.”

He had added, “Setting up the academy will be definitely a leap forward in Kerala’s efforts in becoming a national leader in the education, adoption and entrepreneurship promotional activities in the new age technological domains.”

Apart from that, last year in April, the Academy was selected as a member of Linux Foundation’s Hyperledger project, which was a huge achievement for India.

KBA was granted an associate membership in the project along with Cambridge University’s Centre for Alternative Finance. As a member, its role would include devising code bases and ledger frameworks of enterprise standards that can be used for easier business transactions around the globe. It might also work on some frameworks that aid in development of market oriented apps and hardware.

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HSBC Is First Bank to Finance Transaction via Hyperledger on we.trade

Multinational banking giant HSBC has reportedly become the first bank to complete financing transaction on European blockchain trade platform we.trade.

Since we.trade started the project back in 2017, HSBC recently financed a transaction on the platform within a second round of pilots that started in June 2019, economics magazine Global Trade Review (GTR) reported on Aug. 22.

The transaction involved HSBC’s client Beeswift, a Midlands-based producer of protective equipment, and their sale to a Rabobank-banked Dutch firm, the report notes.

Based in Dublin, we.trade provides a Hyperledger Fabric-based tool for managing, tracking and securing open account trade transactions between SMEs in Europe. The platform intends to facilitate three major steps in SME trade, including access to trusted counterparties for direct online transactions, so-called bank payment undertaking, which is an online equivalent of a letter of credit, and financing requesting, according to the report.

Backing by major global banks

To date, we.trade is reportedly backed by 12 shareholders, including Deutsche Bank, CaixaBank, Natixis, Nordea, Rabobank, Santander, Société Générale, and HSBC itself. According to GTR, all 12 banks had signed license agreements to use the platform by January 2019.

We.trade is not the only trade finance-related blockchain initiatives that HSBC is involved in. As previously reported, the United Kingdom-based banking giant is also piloting Corda-powered blockchain trade project Voltron. Following recent pilots, HSBC reportedly said that Voltron implementation reduced transaction time by 40%.

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