Barclays conducts first blockchain-based trade finance deal

London

BARCLAYS and an Israel-based startup company have carried out what they say is the world's first trade transaction using blockchain technology - cutting a process that normally takes 7-10 days to less than four hours.

The transaction guaranteed the export of almost US$100,000 worth of cheese and butter from Irish agricultural food cooperative Ornua (formerly the Irish Dairy Board) to the Seychelles Trading Company.