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Bitcoin News Monday, May 14 Trade finance transaction, Hsbc, Xerox axes fujifilm & more…

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HSBC says it’s made the world’s first trade finance transaction using blockchain

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  • HSBC claimed on Monday it had performed the world’s first commercially viable trade finance transaction using blockchain technology.
  • Blockchain, the technology that underpins bitcoin, enables transactions to be recorded across a vast network of computers.
  • Banks have taken the principles behind bitcoin’s blockchain such as the idea of decentralized ledger and tried to apply it to processes that they are carrying out.
  • For this transaction, HSBC used a platform developed by blockchain start-up R3 called Corda.
  • R3 works with a consortium of banks to come up with blockchain solutions to a variety of problems.

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Futures point higher, Trump offers help to keep ZTE operational

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  • China to talk trade tomorrowU.S.
  • opens embassy in JerusalemDozens of Palestinians killed in Gaza protestsPolice investigating Tesla crash in UtahAnother top executive leaving TeslaPompeo: U.S. will lift sanctions if North Korea ends nuclear programEducation Dept. unwinds team investigating for-profit colleges: NYTWHO looks to eliminate trans fats worldwide by 2023Avengers: Infinity War has $200M open in…

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HSBC Says Trade Deal Shows Blockchain Viable for Trade Finance

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  • Photographer: Tomohiro Ohsumi/Bloomberg – – HSBC Holdings Plc completed a transaction using blockchain which it said shows the technology is commercially viable for trade finance.
  • The transaction was an end-to-end trade between a buyer and a seller and their respective banks that was completed on one shared digital application rather than multiple systems, according to HSBC.
  • It was the first scalable live trade finance transaction using blockchain, it added.
  • Blockchain helps to streamline the traditional paper-intensive process in trade finance, which normally requires between five and 10 days to exchange documents, HSBC said.
  • More from Bloomberg.com: Trump in Reversal Says U.S. to Help China’s ZTE Stay Afloat – – Read HSBC Says Trade Deal Shows Blockchain Viable for Trade Finance on bloomberg.com

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‘Big Short’ Steve Eisman blasts cryptocurrencies, bets against Deutsche Bank

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  • Steve Eisman, the investor whose forecast of the financial crisis was depicted in The Big Short, is still finding problematic stocks and investing manias in the financial markets.
  • The Neuberger Berman portfolio manager confirmed his fund is short Canadian financials, Deutsche Bank and Wells Fargo.
  • Deutsche Bank has real profitability issues.
  • Deutsche Bank is a problem bank.

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HSBC says it’s made the world’s first trade finance transaction using blockchain

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  • HSBC claimed on Monday it had performed the world’s first commercially viable trade finance transaction using blockchain technology.
  • Blockchain, the technology that underpins bitcoin, enables transactions to be recorded across a vast network of computers.
  • Banks have taken the principles behind bitcoin’s blockchain such as the idea of decentralized ledger and tried to apply it to processes that they are carrying out.
  • For this transaction, HSBC used a platform developed by blockchain start-up R3 called Corda.
  • R3 works with a consortium of banks to come up with blockchain solutions to a variety of problems.

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