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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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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 MD Mukesh Ambani Speaks on Need of Movement Against Data Colonisation

He also announced his plans to create a "fully digital Gujarat" by connecting every home, office, school, college and market through Jio.

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Gandhiji led India's movement against political colonisation... Today, we have to collectively launch a new movement against data colonisation,

Invoking Mahatma Gandhi’s movement against colonisation, Reliance Industries Chairman and Managing Director Mukesh Ambani on Friday urged Prime Minister Narendra Modi to lead a fight against “data colonisation”, saying that Indian data must be “owned and controlled” by Indians.

“I pay homage to Mahatma Gandhi, the Father of our Nation, in the year of his 150th birth anniversary. Gandhiji led India’s movement against political colonisation… Today, we have to collectively launch a new movement against data colonisation,” he said addressing the “Vibrant Gujarat Global Summit 2019” here inaugurated by Modi.

Asserting that the data is the “new oil and wealth” in the new world, he said India’s data must be controlled and owned by Indian people and not by corporates, especially global corporations. “Honourable Prime Minister, I am sure you will make this one of the principal goals of your Digital India mission.”

“For India to succeed in this data-driven revolution, we will have to migrate the control and ownership of Indian data back to India … in other words, Indian wealth back to every Indian. India’s data must be owned and controlled by Indians only, not the global corporates. There is a need to launch a movement to bring back the control of data in our hands,” he said.

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Mukesh Ambani calls for movement against ‘data colonisation’

The Reserve Bank of India (RBI) had in October said that all digital payment firms like Google Pay, WhatsApp and the likes, must store data locally for their businesses in the country.

During the event, Ambani also announced that Reliance, which he said had invested Rs 3 lakh crore and catalysed one million jobs in Gujarat, would double its investment and employment numbers over the next decade.

Also Read: Reliance JioPhone Likely to Get WhatsApp Soon
He said Reliance Jio and Reliance Retail would soon launch a new commerce platform for small retailers — a mega mission which will first be launched in Gujarat and then across the country.

He also announced his plans to create a “fully digital Gujarat” by connecting every home, office, school, college and market through Jio. (IANS)