Tuesday
November 6
2018

India’s Biggest Private Company Gets Paid on a Blockchain

Reliance Industries, India’s largest private sector firm, has successfully participated in its first ever trade finance transaction powered by blockchain technology.

In an industry first, Indian oil and energy conglomerate Reliance Industries completed a trade finance transaction with US-based Tricon Energy, a global chemical distributor.

The end-to-end ‘live’ transaction was executed over R3’s Corda blockchain, a press release from HSBC India confirmed. Corda’s blockchain platform is described by the press release as a “single shared application, rather than requiring multiple isolated digital systems across various counterparties, located around the globe.”

Photo courtesy of Christian Ditaputratama.

Source: CCN (link opens in a new window)

Categories
Finance, Technology
Tags
blockchain, cryptocurrency, digital payments, emerging markets, fintech