HSBC reduces transaction time by 12 Days using Voltron blockchain platform
Fri, 12 Jul 2019, 09:15 am UTC
HSBC is really stepping up its blockchain game with the major banking entity reducing the time it takes to process transactions with its blockchain platform, Voltron. Simply put, the decentralized ledger network managed to cut down the transaction time by an impressive 12 days. That is a 40 percent boost in transaction speed and it was achieved through the partnership between HSBC and the Landmark Group.
Officially Announced in October 2018, Voltron initially began as a project within the R3 blockchain consortium. By leveraging R3’s Corda, it aims to digitalize the letter of credit process which can significantly lower the processing time and cost.
In a recent report by the Chartered Institute of Procurement & Supply (CIPS), it was revealed that the integration of Voltron into the ReChainMe blockchain network was a huge success. Reducing transaction time by 12 days is no mean feat and it was accomplished through better sharing of data in real-time. This particular transaction involved a shipment from Hong Kong to Dubai between Bee Dee Industries and the retail outlet, BabyShop.
Explaining exactly what went into this arrangement, HSBC said that a lot of it had to do with the ease of which the progress of the transaction could be tracked. This is only to be expected, though, especially when considering the potential of blockchain in terms of transparency.
“Having the two platforms seamlessly connected meant all parties in the supply chain ecosystem were able to track and view the progress of the transaction, agree on the terms of the transaction including logistics, co-create and approve documents and fast track supplier payments, all in real time,” the bank said.
“This transaction marks a major step forward in the development of blockchain technology that will transform efficiency and productivity across the supply chain.”
Earlier in February, HSBC settled over $250 billion in transactions using distributed ledger technology (DLT). Using a blockchain-based platform, called HSBC FX Everywhere, the bank was able to verify the settlement of payments without the need to wait for external confirmation.
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