HSBC used the Corda blockchain platform, which it developed in partnership with a number of other banks such as ING, BNP Paris and State Street, with the technology side provided by consortium R3 and Finastra.
While there have been several instances of proof-of-concept transactions performed using the blockchain, this one between HSBC and ING is the first that indicates its commercial applications, a spokesperson said to CNBC.
"What this means for businesses is that trade-finance transactions have been made simpler, faster, more transparent and more secure", Vivek Ramachandran, HSBC's head of growth and innovation, said in the statement.
A transaction of this kind would normally take between five and ten days for the full exchange of documents, HSBC said.
It was an end-to-end transaction that was carried out on a shared digital application between the buyer, seller, and the banks involved. He pointed out that blockchain technology eliminates the need for paper reconciliation because all parties are on one platform and updates are handled instantly.
Tuesday is the Pennsylvania primary election Spending in the hotly contested gubernatorial primary has passed $20 million and is Tuesday's marquee race. Currently, 39, 262 unaffiliated voters in Colorado have asked for a specific party's ballot.
What's more, the Blockchain platform used is already being supported by 12 banks, who are working with R3 and their partners to continue the development to bring the platform to market more broadly.
Earlier this year ING also touted a similar cross-border soybean deal that was completed using blockchain technology.
Trade finance transactions are large payments, often global, that traditionally require many participants, lots of paper and many couriers. This consortium now holds more than 100 different banks, trade associations, and regulators.
Blockchain is the digital technology which underpins cryptocurrencies like Bitcoin. R3 is now working with a consortium of banks to determine blockchain solutions for a range of issues.
HSBC said putting all of Asia Pacific's trade-related paperwork onto the blockchain like this could cut the time of exporting goods by up to 44% and cut costs by up to 31%.
According to HSBC, the transaction can be replicated.
House Speaker Paul Ryan (R-Wis.) tweeted, "Harry Reid has never been one to shy from a fight, and this is surely no different. He suffered serious injuries in an exercise accident in 2015, and he did not seek re-election the next year .
Sean Bean won Best Drama Actor for playing a troubled priest toiling in Liverpool in the fictional series " Broken " while Brian. John Motson was given a special award for his contribution to television on the same day he retired from football commentating.
The Golden Knights bounced back from a game one defeat with a 3-1 win over the Jets on Monday at Bell MTS Place . Like Tatar, forward Tomas Nosek was in the Golden Knights' lineup Monday night for the first time since May 2.
The home side now is in sight of a possible draw against Pakistan , with just the barest sniff of an unlikely victory at Malahide. O'Brien performed similar heroics in Bangalore in 2011 when Ireland found themselves 111 for five in response to England's 327.
While Sonam rocked the red carpet last night in a gorgeous Ralph and Russo collection, Anand has been chilling in New Delhi. Looks like Sonam will never cease to stun us as she makes every day a gorgeous day with her lovely pics and classy outfits.
Underscoring Amazon's battle with its hometown is the company's search for a second headquarters in another North American city. Boeing, Costco Wholesalers and Microsoft, which are each among Seattle's largest employers, declined to comment on the matter.
He further said that both the leaders will also discuss their respective national developmental priorities and bilateral matters. The Modi-Putin summit will be followed swiftly by Modi travelling to Indonesia and Singapore, and then China for the SCO summit.
The House That Jack Built, Cannes Film Festival
However, Setoodeh reported that those remaining in the cinema did give its director an ovation after its finale. We experience the story from Jack's point of view, while he postulates each murder is an artwork in itself.
Daily chances for scattered storms this week
REGIONS TRADITION: The Regions Tradition will begin Wednesday and continues through Sunday at Greystone Golf and Country Club. A cold front Thursday afternoon/evening will provide an increasing chance of showers and thunderstorms.
Huge explosion heard in Afghan capital Kabul
The insurgents released a statement warning residents to remain inside their homes and called on people to "stay calm". Another resident told TOLOnews that people were running from the city and the situation is " very bad ".
10 kids removed from California home; mother denies abuse
During their separation from their parents, eight of the children reportedly spoke with detectives about the situation. Allen was arrested May 11, and charged with seven counts of felony torture and nine counts of felony child abuse.
Full WWE Raw Spoilers For Tonight
Matt Hardy and Bray Wyatt for the Raw Tag Team Titles official for later in the show during a backstage interview. This allowed Natalya to lock in the Sharpshooter on Morgan to pick up the win via submission.