HSBC, a multinational bank, has recently become the first bank to complete a blockchain transaction on the European We.trade platform. The project, which was started back in 2017, has only recently started its second round of pilot tests.
According to the reports, the bank made a transaction for its client Beeswift with Rabobank, a Dutch bank. We.trade is based in Dublin and it uses the Hyperledger Fabric technology as a basis for its technology.
With the aid of blockchain technology, the bank is able to make transactions in Europe while tracking them. The goal of the platform is to facilitate international trade between European companies using the blockchain. The platform is also set to offer trusted access to counterparties during online transactions and the equivalent of letters of credit.
This is far from the only blockchain platform in which HSBC is involved at the moment. For instance, the bank has already used Voltron, a blockchain project that is backed by R3’s Corda technology and was based in the United Kingdom.
By using Voltron, HSBC affirmed that the time of the transactions was reduced in at least 40%, a considerable improvement. Representants from the bank believe that the blockchain technology can be responsible for cutting several costs of the transactions and taking them to a whole new level.
We.trade is backed by several banking institutions which are present in the European continent. These companies are the Deutsche Bank, Société Générale, Banco Santander, Rabobank, CaixaBank, Nordes, Natixis and, obviously, HSBC. The other banks are set to use the platform as well in the coming months.