One of the largest financial conglomerates of the world, HSBC Holdings, held the world's first commercial finance transaction based on the blockchain technology. HSBC reported that it, together with ING, successfully completed the transaction for the agricultural group Cargill. The use of blockchain technology in the banking industry can reduce the risk of fraud with letters of credit and reduce the number of steps required to perform transactions. As explained by the head of innovation division at HSBC, Vivek Ramachadran, letters of credit are used to reduce the risk between importers and exporters, which helps guarantee transactions of more than $2 trillion. At the same time, the process for exchange of documentation takes 5-10 days. The time spent is reduced by 44%, and expenses - by 31%.
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