IT took nearly 10 years of trial-and-error (mostly error) experimentation, but it seems someone has finally developed a practical use for blockchain, the technology underlying the otherwise dubious concept of cryptocurrency. Earlier this week, London-based HSBC announced that along with Dutch banking giant ING it had successfully carried out a trade transaction over a blockchain platform built by a developer called the R3 Consortium. First, the soybeans need to be physically retrieved from wherever they are and delivered to a port. Finally, the Malaysian local delivery firm gets paid when it has been confirmed the soybeans have been delivered to the destination designated by the customer. Using the public ledger of the blockchain, however, everyone involved can view the progression of the transaction in near real-time, and need not wait to receive confirmation.
Source: Manila Times May 16, 2018 16:18 UTC