New blockchain reduces transaction time by 40%

Global banking company HSBC tested out its blockchain platform Voltron and found that it can reduce transaction time by 40 percent, the Chartered Institute of Procurement & Supply reported July 10 and cited by Cointelegraph.

Voltron was tested to see how quickly it could process a shipment between Hong Kong and Dubai. HSBC partnered with Landmark Group, which offered its blockchain platform ReChainMe. Through the two platforms, the transaction time was reduced by 12 days, or 40 percent.

"Having the two platforms seamlessly connected meant all parties in the supply chain ecosystem were able to track and view the progress of the transaction, agree on the terms of the transaction, including logistics, co-create and approve documents and fast track supplier payments, all in real time," said Sunil Veetil, regional health of trade at HSBC.

HSBC first revealed its blockchain platform in February. The blockchain was designed to reduce costs for foreign exchange trade settlements.

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