• Days
  • Hours
  • Mins
  • Secs
  • Mon, 16 Sep 2019, 02:21 PM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

HSBC reduces transaction time by 12 Days using Voltron blockchain platform

HSBC.Håkan Dahlström/Flickr

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.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $10,214.30 (-1.14%)
  • Ethereum (ETH) $190.55 (+1.01%)
  • XRP (XRP) $0.260300 (-1.09%)
  • Bitcoin Cash (BCH) $304.20 (-0.42%)
  • Litecoin (LTC) $70.11 (-0.42%)
  • Bitcoin (BTC) $10,214.30 (-1.14%)
Sep 16, 2019 (Monday)
11:57
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:31
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
11:24
HTC’s blockchain smartphone Exodus 1 adds support for Bitcoin Cash
10:14
Crypto Technicals: DASH/USD capped below 50-DMA, 'Bullish Divergence' keeps scope for upside
06:51
Crypto Technicals: LTC/USD breaks above 21-EMA, scope for further gains
06:41
ConsenSys enters decentralized finance ecosystem with new product suite ‘Codefi’
06:06
Kaleido Blockchain integrates QEDIT Zero-Knowledge Proof Enterprise Privacy Solution
05:21
Crypto Technicals: ETH/USD extends 21-EMA breakout, pauses shy of 55-EMA, bias bullish
04:39
Canada-based Bull Bitcoin latest to join Blockstream’s Liquid Network
04:25
Crypto Technicals: BTC/USD extends sideways with no clear directional bias
04:12
FxWirePro Poll: Ethereum seen to rise but not recoup 2018’s drastic losses
03:32
CME's bitcoin index provider CF Benchmarks scores FCA license in Europe
03:30
eToro introduces programming language Lira to simplify derivatives trading
03:18
Crypto ATM chain Coinme reels $1.5M from Ripple's Xpring, Blockchain Finance
03:16
Crypto lending firm BlockFi now lets clients earn interest on any amount of crypto holdings
03:07
Facebook to face 26 central bank officials over Libra crypto project
03:02
Deutsche Bank signs up to JPMorgan's blockchain-based Interbank Information Network
Sep 13, 2019 (Friday)
11:12
Libra Association head confident about crypto launch in H2 2020
10:42
Blockchain industry welcomes Mastercard-R3 collaboration, but skeptical about the future of private networks
09:52
tZERO to bring blockchain to film financing via new partnership
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft