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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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Reliance Jio Adds 85 Lakh Subscribers in December; Airtel, Vodafone Idea Lose Users

The total subscriber base of Airtel was 34.03 crore, down 15.01 lakh from November, the data showed

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Jio
Jio services now include attractive lifestyle products as well. (Wikimedia Commons)

Reliance Jio continued to increase its subscriber base in December as other major telecom operators Vodafone Idea and Bharti Airtel lost users during the period, data released by the Telecom Regulatory Authority of India (TRAI) showed on Wednesday.

Reliance Jio added 85.6 lakh subscribers during the month under review, taking its total subscriber base to 28.01 crore.

“Total wireless subscribers (GSM, CDMA and LTE) increased from 1,171.76 million (117.17 crore) at the end of November 2018 to 1,176.00 million (117.6 crore) at the end of December 2018, thereby registering a monthly growth rate of 0.36 per cent,” TRAI said in a statement.

Reliance Jio. Source: www.reliancejio.website

Vodafone Idea, the largest telecom operator in terms of subscribers, lost around 23.32 lakh subscriptions and its base by December-end stood at 41.87 crore.

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The total subscriber base of Airtel was 34.03 crore, down 15.01 lakh from November, the data showed.

On region-wise subscription trend, TRAI said that “during the month of December 2018, all service areas except the northeast, showed positive monthly growth in their wireless subscribers”. (IANS)