Tata Steel along with Hongkong and Shanghai Banking Corporation Limited (HSBC) has executed a blockchain-enabled trade transaction -- a global first for the steel industry. "Tata Steel and HSBC successfully executed a blockchain-enabled transaction, a global first for the steel industry.
This transaction was executed on Contour's blockchain platform," a statement said. However, the steelmaker did not disclose the size of the transaction. The live trade finance transaction involved the export of steel by Tata Steel, India to Universal Tube & Plastic Industries, UAE, the statement added.
"This unique initiative, executed in collaboration with HSBC India, demonstrates our continued efforts to lead technology-led disruptions by challenging the status quo and reimagining the global trade set-up," said Peeyush Gupta, Vice President, Tata Steel.
It also shortens the transaction time of Letter-of-Credit (LC) transactions by allowing electronic transfer of title documents and connecting all parties allowing instantaneous updates. "Having pioneered the deployment of blockchain technology in trade finance, we are focused on enhancing its utilisation across a wider spectrum of trade finance transactions.
Tata Steel further said UAE is India's third-largest trade partner. While the physical transfer of goods between India and UAE takes a relatively short time, the administrative paperwork.
India’s GDP growth forecast revised by Care Ratings at 10.2 pc for FY22
Amid COVID spurt, leading brokerages downgrade India’s GDP forecast
