HSBC and UAE-based Landmark Group have completed a first of its kind transaction that connects two independently-built blockchain platforms.

It featured a letter of credit (L/C) issued by HSBC using the Voltron platform.

ReChainME platform

The transaction involved a shipment from Bee Dee Industries in Hong Kong to Babyshop, Landmark Group's family retail brand in the UAE.

While the L/C was issued by HSBC using the Voltron platform, Landmark Group initiated the ReChainME platform to enable seamless connectivity with its logistics partners at both ends of the supply chain.

L/C platform

Voltron is a distributed ledger trade finance platform that digitises the L/C process from application through to document presentation.HSBC has previously facilitated four major L/C transactions with this technology across its global network, but this is the first time Voltron has been connected to a complementary blockchain platform.

It also marks the first time Voltron has been used to issue an L/C between the UAE and Hong Kong.

This article represents the views of the author and not necessarily those of the ICC or Coastline Solutions.