HSBC has used the blockchain-based platform we.trade to finance a trade transaction for the first time. The bank, which is one of 12 shareholders in we.trade, used the platform to complete the transaction as part of the second round of a pilot scheme initiated by we.trade consortium members in June. We.trade said that it was able to use its own proprietary technology and processes to process transactions on the platform.
HSBC has used the blockchain-based platform we.trade to finance a trade transaction for the first time. The bank, which is one of 12 shareholders in we.trade, used the platform to complete the transaction as part of the second round of a pilot scheme initiated by we.trade consortium members in June. The distributed ledger technology (DLT) platform is designed to manage, track and protect open account trade transactions between SMEs across Europe.