HSBC, ING Execute L/C Via Blockchain for Cargill

HSBC  and ING Bank successfully executed a live trade finance transaction for international food and agriculture conglomerate Cargill using R3’s Corda scalable blockchain platform. The blockchain transaction involved a bulk shipment of soybeans from Argentina, through Geneva’s trading arm of Cargill, to Malaysia, through Cargill’s Singapore subsidiary as the purchaser. A letter of credit was issued using Corda by HSBC to ING