Corporate rep: HSBC, Cargill and ING have fully developed soy trade blockchain

The blockchain system for soy trade has been fully developed, tells Vinay Mendonca responsible for products, trade and propositions at HSBC, one of the key banks of the world.

“It is not a dummy transaction. This is no longer something that it is being incubated in a laboratory. It is working technology that we can scale up in the months ahead, as we continue to enhance the platform,” Mr. Mendonca stated.

As a reminder, the blockchain network focused on large-scale soy trading has already appeared in the news in connection with ING - this financial establishment has cooperated with Societe Generale and ABN Amro and bought soy beans from the agricultural US firm Louis Dreyfus. Back then, the Easy Trade Connection (ETC) platform has been used. In this case, Corda was used instead. The press notes that the words of Vinay Mendonca indicate that some blockchain projects had finally left infancy.

Meanwhile, the CEO of HSBC has made several remarks about the digital upgrade of banks and corporations. While not mentioning blockchain, he told that banks do have a lot of repetitive tasks which machines are able to replace, and contrary to popular fears, no sudden mass reduction of jobs will happen.

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