HSBC completed the first transaction through the we.trade blockchain platform

HSBC Bank, one of the largest financial conglomerates in the world, has successfully completed its first real-time transaction through the we.trade blockchain platform.

According to a press release, this initiative became part of the second round of pilot projects, launched in June. The transaction was completed by Beeswift, an HSBC client, and a Netherlands-based firm, which is serviced by Rabobank. We.trade allowed both parties to manage the transaction online and check its status.

The we.trade blockchain platform for trade financing allows transactions between small and medium enterprises with accounts in different banks, and also provides other opportunities thanks to smart contract technology. The platform was created by members of a banking consortium led by twelve shareholders: CaixaBank, Erste Group, Deutsche Bank, HSBC, KBC, Natixis, Nordea, Rabobank, Santander, Société Générale, UBS and UniCredit.

We.trade is based on the IBM Blockchain Platform using the Hyperledger Fabric and offers bank customers access to a simple user interface. First of all, the platform gives users the ability to easily find contractors, as well as carry out operations directly on the Internet. The platform digitizes the entire process from creating an order to making a payment, giving customers the opportunity to monitor the progress of the transaction.

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In July last year, a group of European banks announced the completion of a series of cross-border financial transactions through the we.trade blockchain platform. In August 2018, the Italian bank UniCredit successfully completed its first international transaction in real time through we.trade. In addition, in the spring, the Finnish commercial bank Nordea expanded its platform offer for small and medium-sized businesses.