Integrated with an electronic bill of lading (eBL), the blockchain platform enabled managing and issuing an electronic bill of lading. This allows a digital transfer of the title of goods from the seller to the buyer in the underlying trade. According to the statement, this method is a considerable update for organisations that are involved in buying and selling goods internationally as all the parties are present at one platform.
Basically, Blockchain solutions enable a distributed database that maintains a list of ordered records called blocks. The overall process is touted to be very transparent and all the parties involved can view progress in real time. The domestic lenders, including ICICI Bank, SBI and Yes Bank among others have been using the blockchain solutions and have vouched for the technological capability of blockchain to cut time and to maintain transparency.
The Head of global banking and markets, HSBC, Hitendra Dave noted that blockchain can bring a transformation on trade finance transactions by making it simpler, faster and secure. He pointed some other qualities as well, such as the quicker turnaround, cost-effectiveness and the potential of unlocking liquidity for businesses.
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