HSBC has formed a partnership with cloud-based commerce platform Tradeshift in a bid to create a digital trade finance solution that does not use blockchain. The technology is built into the physical supply chain process to enable a seamless experience that works in real-time, using a centralised cloud ledger. “Blockchain and distributed ledger technologies are being used by many companies around the world for their own internal processes but we believe this new approach will be particularly useful as part of our global payments solution@@ "Tradeshift is essentially like a centralised cloud ledger for all of our customers. To enable that on a peer to peer ledger is almost trivial, to be frank," said Tradeshift CEO Christian Lanng.
HSBC has formed a partnership with cloud-based commerce platform Tradeshift in a bid to create a digital trade finance solution that does not use blockchain. The technology is built into the physical supply chain process to enable a seamless experience that works in real-time, using a centralised cloud ledger. The two firms did debate building blockchain into the solution, but ultimately realised it didn't require a distributed ledger. "Tradeshift is essentially like a centralised cloud ledger for all of our customers. To enable that on a peer to peer ledger is almost trivial, to be frank," said Tradeshift CEO Christian Lanng.