According to foreign media reports, Bank of America and HSBC announced that they will cooperate with the Singapore government’s IT and telecommunications organizations to study the blockchain projects that are used in trade finance.
Concept verification is currently the mainstream research project of blockchain technology in the field of financial securities trading, because the current trust is based on paper documents issued by banks and certified, and how to establish trust between participants through distributed ledgers It can improve the security and efficiency of verification.
Therefore, in order to simplify the process of copying L/C transactions between banks, exporters and importers, Bank of America, HSBC and IDA stated that they have jointly built a block based on the Hyperledger protocol. Chain application.
According to the "International Business Times" report, the concept validation mechanism includes seven steps, showing how the distributed ledger system is used for data validation. Vive Ramachandran, head of global products for HSBC’s trade finance business, said:
Many people are talking about the theory of blockchain, but this is the first time we have discovered that blockchain technology can solve the challenges consumers face in real life.
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