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Dubai / Emirates Business
Landmark Group and HSBC have completed a first-of-its-kind transaction that connected two independently- built blockchain platforms, proving their interoperability and showing how collaborative technologies can further accelerate international trade in the future. It also marks a major step forward in the Middle East’s retail industry adopting blockchain.
The transaction involved a shipment from Bee Dee Industries in Hong Kong to Babyshop, Landmark Group’s family retail brand in the United Arab Emirates (UAE). A Letter of Credit was issued by HSBC using the Voltron platform and Landmark Group’s initiated ReChainME platform enabled seamless connectivity with its logistics partners at both ends of a key trading corridor.
This meant that all the key participants along the logistical supply chain could view documents and track prog-ress of the shipment in real-time, thereby reducing the overall time to complete the transaction by up to 12 days, a 40% reduction.