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HSBC and Reliance Execute Blockchain Trade Finance Transaction

The statement added that the transaction validated the commercial and operational viability of blockchain as an alternative to conventional exchanges for paper-based documentation

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Reliance.
HSBC, RIL execute blockchain trade finance transaction.

Banking and financial services major HSBC and Reliance Industries Ltd on Sunday said that they have executed a first-of-its-kind blockchain trade finance transaction, validating the commercial and operational viability of blockchain as an alternative to conventional exchanges for paper-based documentation.

“This is an industry-first as the blockchain platform integrated with ‘Bolero’s electronic Bill of Lading’ (eBL) platform to issue and manage an electronic ‘Bill of Lading’,” a joint statement said.

“This allowed a digital transfer of the title of goods from the seller to the buyer in the underlying trade. It further enabled the underlying trade to be fully digitised.”

According to the statement, the end-to-end transaction was executed on “R3’s Corda” blockchain platform which is a single-shared application, rather than requiring multiple isolated digital systems across various counterparties located around the globe.

“The ‘Letter of Credit’ (LC) was issued by ING Bank for Tricon Energy USA (importer) with HSBC India as the advising and negotiating bank for Reliance Industries, India (exporter),” the statement said.

Reliance
Reliance.

“This solution is a significant improvement for any organisation involved in buying and selling goods internationally, as it truly brings together all parties onto one platform.”

The statement added that the transaction validated the commercial and operational viability of blockchain as an alternative to conventional exchanges for paper-based documentation.

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“We are excited to partner with HSBC on digitalisation of trade finance. This reflects our continued commitment to embrace emerging technologies and industry-first initiatives,” Srikanth Venkatachari, Joint Chief Financial Officer, Reliance Industries, was quoted as saying in the statement.

“The use of blockchain offers significant potential to reduce the timelines involved in exchange of export documentation from the extant 7 to 10 days to less than a day. When adopted at scale, it helps in significant optimisation of working capital. Further, use of blockchain in trade finance enhances transparency, security and synergy across all the parties and stakeholders involved.” (IANS)

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BSES Launches Blockchain Tech Platform for Power Trading: Report

There is no specific hardware device or investment required to sign up to the blockchain-based platform

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earth hour, bses
Last year, BSES saved 183 MW in Delhi's total contribution of 305 MW during Earth Hour, it added. Pixabay

In a major environment-friendly digital initiative, Delhi electricity distribution company (discom) BSES on Wednesday announced that BSES Rajdhani Power Ltd (BRPL) has partnered Australias Power Ledger, a global leader in blockchain technology, to launch consumer-to-consumer (peer-to-peer or P2P) solar power trading on a trial basis.

A BSES statement said that Power Ledger’s blockchain-based platform can enable consumers even without rooftop solar, to trade power between themselves.

According to the company, BRPL has, thus, become India’s first discom to use a blockchain-based platform for P2P solar trading.

“A feasibility study has been successfully undertaken. The offering will rolled-out, once the regulatory approvals are in place,” it said.

“The pilot project will initially be carried-out amidst the existing and select group of gated community (CGHS) solar consumers in Dwarka who generate around 5-6 MW of solar-power. These consumers will be able to trade solar power their neighboring apartments and buildings using this platform rather than letting it spill-back to the grid.”

Consumers with rooftop solar infrastructure can sell their excess solar energy to their neighbours even if they don’t have rooftop solar, using the energy trading platform.

BSES, Digi Seva, Delhi
This will provide single window computerised facilities for customers to apply for various services. Pixabay

“Thus, even consumers who don’t have roof-top solar will benefit by purchasing cheaper and cleaner electricity, compared to the slab-rate of the discom, which as consumer they would otherwise have to pay,” it said.

P2P surplus solar power trading among consumers connected to the same distribution transformer is expected to result in optimal loading of the distribution transformer (DT).

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“The platform will give BRPL access to a cost-effective energy alternative during the times of peak demand pricing. Apart from this, the discom will also benefit by not having to purchase solar energy exported to the grid, gain revenue through transaction fee and wheeling charges as also create and actively engage in a two-way positive relationship with its consumer base,” the statement said.

There is no specific hardware device or investment required to sign up to the blockchain-based platform.

“This technology is a transactive layer that utilises close to real-time data from smart meters to facilitate the P2P trading environment. All that is required is access to solar power infrastructure – solar power panels installed on the roof of the house, or solar power infrastructure within the consumers’ community,” it added. (IANS)