Question

Which company has received India’s first Letter of Credit (LC) payment via blockchain?
A. Tata Motors
B. Wipro
C. Reliance Industries
D. Infosys

Answer 1

Reliance Industries has received India’s first Letter of Credit (LC) payment via blockchain.

The Answer is option C

1. HSBC Holdings Plc has executed India’s first trade financial transaction using blockchain for a deal involving an export by Reliance Industries Ltd to US-based Tricon Energy.

2.The blockchain platform was integrated with the electronic bill of lading (eBL) platform to issue and manage an electronic bill of lading.

Answer 2

Reliance Industries company has received India’s first Letter of Credit (LC) payment via blockchain.

Option (C).

Explanation:

• HSBC Holdings has accomplished a letter of credit payment with the use of blockchain for an export by 'Reliance Industries to US-based Tricon Energy'.

• Blockchain can improve and help the organisations which are involved in buying and sells the goods outside the country or we can say internationally.

• It has created a platform where all the parties and organisation and come together and carry out their work.

• We can also understand Blockchain as a distributed database, unlike the other traditional database.

• This helps in maintaining the list of the continuously growing orders and makes them transparent as all the stakeholders can view it in a real-time.

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