HSBC has released a video demonstrating how blockchain’s potential to transform the global supply chain and detailed how it recently connected two platforms to transport a shipment from Hong Kong to Dubai.
On June 20, 2019, HSBC collaborated with Landmark Group, a major Dubai-based retailer, to complete a transaction between to independently-built blockchain platforms for the first time.
The transactions involved a shipment from Bee Dee Industries in Hong Kong to Landmark Group’s family retail outlet Babyshop.
The letter of credit was issued by HSBC on the Voltron Platform, with which the banking giant already works to complete blockchain-based financial transactions.
To complete the transaction at both ends and to supply full connectivity and throughout the supply chain, it connected to Landmark Group’s ReChainME platform.
This meant that all participants could track the shipment on its journey, this includes viewing documents and the journey’s progress in real-time, cutting the transaction time by approximately 40%.
Blockchain is currently one of the maritime industry’s most exciting innovations; its potential to cut waste and increase visibility throughout the supply chain has seen many of the biggest carriers and terminal operators launch their own platforms.
Launched in August in 2018, TradeLens, the initiative between Maersk, the biggest container shipping line in the world, and IBM
Last week, PTI reported how Hapag-Lloyd and Ocean Network Express (ONE) had become the latest carriers to join TradeLens, which mean the platform would account for more than half of the world’s ocean cargo.