Blockchain: HSBC performs blockchain-based trade transactions for AMNS and Universal Tube in the UAE

Foreign lender HSBC Bank It said on Monday that it has successfully executed ArcelorMittal Nippon Steel India and UAEof Universal tube And the plastic industry. It stated that the benefits of executing such transactions include improving transparency and security of all parties and shortening the document negotiation cycle from one week to about one day.

The transaction strengthens the company’s commercial and operational viability Blockchain According to a statement from HSBC, as an alternative to traditional paper document exchange.

In the transaction, ArcelorMittal Nippon Steel (Management system) To sell goods to Universal Tube, the transaction is an end-to-end paperless transaction conducted on a platform based on blockchain technology, it said, adding that it involves an end-to-end “Letter of Credit” (LC) digital transaction.

It said that the solution adopted in this transaction is an upgrade of organizations engaged in international trade in goods because it allows all parties to use a unified platform, thereby simplifying and simplifying the process.

The letter of credit is issued by HSBC UAE for the importer Universal Tube and Plastic Industries, and HSBC India acts as the consulting and negotiating bank for the exporter AMNS India, it pointed out.

Dilip Oommen, CEO of AMNS, said that such a deal provides it with a competitive advantage and the steel manufacturer is constantly looking for ways to strengthen its ability to automate and digitalize processes.

Hitendra Dave, CEO of HSBC India, said: “The benefits and transformative effects of this technology are obvious, and we believe it will lead companies to more adoption of their trade finance needs.”