Firm owned by India's richest man uses blockchain for trade finance

posted 8 months ago
Oil and gas conglomerate Reliance Industries – owned by India's richest person, Mukesh Ambani – has used blockchain to conduct its first trade finance transaction. Reliance Industries has recently executed a "live" blockchain-powered trade finance transaction in collaboration with US-based global chemical distributor Tricon Energy.

The end-to-end transaction was facilitated by banking majors HSBC India and ING Bank Brussels. HSBC India's head for global banking & markets Hitendra Dave said "The use of blockchain is a significant step towards digitizing trade. The overall efficiency it brings to trade finance ensures cost effectiveness, quicker turnaround and potentially unlocks liquidity for businesses."
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