Last week HSBC processed a pilot Letter of Credit on the
Voltron blockchain trade finance platform that demonstrated interoperability with a second blockchain. The transaction involved a shipment from Bee Dee Industries in Hong Kong to Babyshop, one of the Landmark Group’s retail outlets in the United Arab Emirates (UAE). Landmark has its own permissioned distributed ledger ReChainME.
Voltron‘s trade finance blockchain tapped into ReChainME to track the logistics side of a Letter of Credit issued by HSBC. Interoperability is a hot issue in enterprise blockchain, particularly in trade finance where banks need to know when goods are delivered.
Interoperability is more than just a technical issue. It also involves standards and governance for transferring data between ledgers. In this particular case, both Voltron and ReChainMe use R3’s Corda technology, which is designed to interoperate with other Corda network ledgers. There has been progress on interoperability between different blockchain technologies, but there’s still a ways to go.
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