In a first for India, HSBC Holdings Plc has executed a trade finance transaction using blockchain for an export by.....to US-based Tricon Energy.

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

In a first for India, HSBC Holdings Plc has executed a trade finance transaction using blockchain for an export by____to US-based Tricon Energy.

A	Tata Steels
B	Reliance Industries Ltd
C	Jindal and Sons
D	HDFC Bank

Explanation:

Detailed explanation-1: -HSBC Holdings Plc. has executed a trade finance deal using blockchain for an export by Reliance Industries Ltd to US-based Tricon Energy, marking the first ever overseas blockchain payment from India. Mint explains what it means for the payments ecosystem. Why was blockchain used in a trade finance deal?

Detailed explanation-2: -This involved both Hyperledger Fabric and R3 Corda enterprise blockchains, with IBM as the technology partner. Separately, HSBC adopted DLT technology from Baton Systems for foreign exchange settlement.

Detailed explanation-3: -The blockchain can supply businesses a platform to streamline and automate supply chain finance processes. This can help other businesses save money on operations and enhance efficiency. The blockchain also facilitates trust and continuity between parties in transactions.

Detailed explanation-4: -The blockchain typically enables trading parties (e.g., carriers, exporters, importers, and banks) to share distributed ledgers for trade finance transactions.

Detailed explanation-5: -Blockchain can simplify different processes and use cases in the entire trade finance value chain, including the issuance of letters of credit, management of the supply chain, recordkeeping, and document verification.

There is 1 question to complete.