HSBC says it made world’s first commercial trade-finance transaction on the blockchain

Soybeans from Argentina to Malaysia

HSBC and ING facilitated a shipment of soybeans to Malaysia from Argentina using the blockchain.

Both sides of the deal used blockchain technology.

“This is an inflection point for how trade is conducted,” Vivek Ramachandran, HSBC’s global head of innovation and growth for commercial banking, said in a statement.