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Firm Owned by India's Richest Man Turns to Blockchain for Trade Finance



Oil and gas conglomerate Reliance Industries – owned by India’s richest person, Mukesh Ambani – has used blockchain to conduct its first trade finance transaction.

According to a news release from HSBC India shared with CoinDesk on Sunday, Reliance Industries has recently executed a “live” blockchain-powered trade finance transaction in collaboration with US-based global chemical distributor Tricon Energy.

The end-to-end transaction was facilitated by banking majors HSBC India and ING Bank, Brussels, and carried out on enterprise consortium R3’s Corda blockchain platform, the release adds.

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