Use of Blockchain is expanding and following two use cases in different industries (Trade Finance and Supply chain for Rice) says a lot about its potential adoption and acceptance
Blockchain-based Letter of Credit(LC).
#HSBC, #ING Bank Brussels, #R3(through Corda), #Reliance Industries and #Tricon energy (USA) has successfully executed a #Blockchain enabled Letter of Credit (LC). INGBank issued the LC for Tricon Energy and HSBC India was the advising and negotiating bank for Reliance Industries. The end-to-end transaction was executed on R3’s Corda blockchain platform.
Another use case is being explored by #Oxfam in Cambodia for #BlocRice “Blockchain for Livelihoods from Organic Cambodian Rice (BLOCRICE)”
The project tests the application of blockchain technology in the rice value chain along with:
1. Smart contracts 2. Cashless payments to rice farmers 3. Consumer communication
What are you using the Blockchain for Insurance? KYC? Payment Gateway? Voting? please share your thoughts
#TheFinTechReporter
