UAE Tubes and Plastic conglomerate and Tata Steel implement Blockchain enabled trade transaction

It was done over the ‘Contour’ blockchain platform in which HSBC is a founding shareholder. “We are confident this will pave the way for widespread adoption by other clients, counterparties and industries, many of whom we are already in talks with,” said Sunil Veetil, Regional Head of Global Trade & Receivables Finance (GTRF) at HSBC.

The platform allows all parties to have visibility of a trade with no single organisation having control of all the data. This was the first integrated paperless letter of credit and eDocs transaction for a steel export, as well as the first end-to-end paperless trade combining electronic bills of lading and digitised letter of credit in the steel commodity business.