HSBC Performs World’s First Trade Finance Transaction Using a Single Blockchain Platform

  • HSBC issued a letter of credit to ING for agricultural giant Cargill.
  • It used a blockchain platform called Corda developed by FinTech startup R3.
  • The paperless trade finance transaction was completed in only 24 hours instead of the usual 5-10 days when lots of paperwork needs to be passed around.

Banking giants HSBC and ING announced on Monday that they have performed the world’s first commercially viable trade finance transaction using a single blockchain platform; this could lead to mass adoption of blockchain technology in the $9 trillion trade finance market.

UK-based bank HSBC issued a letter of credit (LoC) for American agricultural commodities trader Cargill to Dutch bank ING. The transaction involved a shipment of soybeans from Argentina to Malaysia. The letter of credit -- which is a document issued by a buyer's bank to the seller's bank to guarantee that payment will be made to the seller provided that conditions are met -- relied on the use of Corda distributed ledger platform, which was designed and developed for the financial sector by FinTech startup R3. Although this was not the first blockchain technology had been used for trade finance, it was the first time that such a transaction had been completed using only a single shared blockchain platform rather than also relying on other systems.

Although LoCs are widely used for financing trades between exporters and importers, the process usually involves lots of paperwork and requires five to ten days for exchange of documents. Using the Corda blockchain platform, HSBC and ING were able to complete the exchange in only 24 hours. 

Here is what Vivek Ramachandran, global head of innovation and growth at HSBC’s commercial banking unit, said about LoCs:

The reason why letters of credit have persisted is because of two real challenges — the absence of digital infrastructure and the challenge of coordinating multiple parties... This platform helps us overcome the first and I think the technology and everyone focused on it gives us the impetus to go after the second now with hopefully much better results than we have seen in the past.

Vivek Ramachandran, HSBC

Ramachandran added:

What this means for businesses is that trade finance transactions have been made simpler, faster, more transparent and more secure... The need for paper reconciliation is removed because all parties are linked on the platform and updates are instantaneous. The quick turnaround could mean unlocking liquidity for businesses.

Vivek Ramachandran, HSBC


Samsung to Add Crypto-Powered Streaming Service to 75 Million Devices

Michael LaVere
  • Samsung is pre-installing the crypto-powered streaming service into all new Galaxy S20 smartphones.
  • allows users to earn and share crypto tokens through their gaming and esports-centered platform. 

Samsung is embedding the blockchain-powered streaming service into its line of Galaxy smartphones. 

According to a press release published May 19, Samsung has partnered with to bring the gaming and esports streaming service to its lineup of Galaxy smartphones. The streaming platform is powered by the Theta token and blockchain and will enable millions of Samsung phone users to have direct access to their gaming-centered content. 

The release claims the service will be embedded within the Samsung Daily interface that is pre-installed on all new Samsung S20 smartphones in the United States. In addition to the S20, the update will also be applied to the Galaxy S10, S9, Note 10 and Note 9, encompassing a userbase of more than 75 million devices worldwide. 

Mitch Liu, co-founder and CEO of Theta Labs, said in the release,

We believe this commercial product launch is a critical inflection point in the adoption of the Theta Network globally. Our groundbreaking approach to streaming is a perfect fit for Samsung’s worldwide user base. It’s a huge step toward our goal of making Theta a global infrastructure for video content and data delivery. allows users to earn tokens, dubbed TFUEL, for watching and sharing streams on the platform. Users can also transfer tokens through the service or trade them on crypto exchanges.

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