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Hongkong and Shanghai Banking Corp (HSBC), India, and ING Bank have performed blockchain transaction from a U.S.-based firm to India's Reliance Industries, The Economic Times reports.

The representative of HSBC said:

“[The transaction] allowed a digital transfer of the title of goods from the seller to the buyer in the underlying trade. It further enabled the underlying trade to be fully digitised."

It says the transaction "has validated the commercial and operational viability of blockchain" as a new way of conventional exchanges for paper-based documentation.

Earlier this year, HSBC conducted a blockchain transaction with ING Bank NV on behalf of Cargill Inc., a US food and agricultural group.

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