HSBC Becomes the First Bank to Finance Transaction via Hyperledger

Multinational banking giant, HSBC has reportedly become the first bank to complete a financial transaction using the blockchain trade platform, we.trade based in Europe.  

Based in Dublin and established in 2017, we.trade is a blockchain trade platform that runs on the IBM Hyperledger Fabric. The platform allows clients to manage, track, and securely open account trade transactions between SMEs in Europe.   

The Global Trade Review recently reported that HSBC financed a transaction on the we.trade platform within the second round of pilots that started in June of 2019. The transaction took place between HSBC’s client Beeswift, which was a company that produces protective equipment and their sale to a company in the Netherlands banked by Rabobank.  

It was also stated that we.trade has been supported and backed by 12 major shareholders, including banking giants such as Deutsche Bank, Natixis, Rabobank, Santander, and HSBC.