A global first: Tata Steel-HSBC do blockchain-enabled paperless trade deal

The live trade finance transaction involved export of steel by Tata Steel, India to Universal Tube & Plastic Industries, UAE

Tata Steel, along with HSBC, has executed a blockchain-enabled paperless trade transaction. According to the company, this is a global first for the steel industry.

The live financial transaction involved the export of steel by Tata Steel to Universal Tube & Plastic Industries, UAE, a press release said on Wednesday. 

The end-to-end paperless transaction, executed over the Contour platform, was made possible by a unique collaboration pivoted by Tata Steel across the spectrum over the Contour and essDOCS platforms. The letter of credit was issued by HSBC UAE for Univ­ersal Tube & Plastic Industries, UAE (importer), with HSBC India as the advising