HSBC and Dubai based retailer Landmark Group finish up their maiden blockchain transaction

  • Landmark group and co-Dubai’s retailer pioneer proudly announced the completion of its first-of-its-kind transactional platform that interconnected two indigenously and independently built Blockchain platforms.
  • Dubai has etched itself in a kind of innovative technological bracket as Dubai-based retailer giant Landmark Group and the Banking pioneer HSBC have joined hands and successfully completed it’s maiden and first-of-its-kind retailer transactional platform by connecting two independent sectors built blockchain platforms, thus marking an ultimate step in Middle Eastern retail industry adopting the Blockchain revolution.

According to an official statement, “This historic transaction involved transporting the shipment from Bee Dee Industries in Hong Kong to Babyshop, Landmark Group’s family retail brand in the UAE.”

There was an added on-point that letter of credit, necessary documentation was issued by HSBC using Voltron platform and Landmark group, and corporations blockchain initiated ReChainME platform enabled connectivity that had all the logistics partners at all ends of the vital trading corridor.

What does it imply? Any guesses? Well, it indicated to enhance and thereby reduce the overall time taken in logistical transactions by up to 12 days, thus having a clean 40 percent reduction.

This also, in turn, provided all core participants along the logistical supply chain management to witness a fast track charge of overviewing the documents, verification, and track progress of the shipment in real-time.

This as well reduced the paperwork that’s generally involved alongside general transactions involved for retail supply chain management system. It as well created an intelligent AI and independently connected system screenings, scanners and as well updated multiple touch-points, thereby instantly uploading documents from one point to another point.

An elated Rajesh Garg, the chief financial officer, Landmark group stated that “They viewed carefully the potentiality and promise offered by Blockchain technology and then embarked upon a journey. Thereby, it’s indeed become a huge milestone for the Landmark Group officials. He also added a point that clinging on and banking upon the new and emerging tech revolution like Blockchain in the physical and financial supply chain proves a game changer in improvising the speed for creating efficient markets, it as well reflects groups overall commitment driving transformation in retail sector thus creating brand positioning and great value amongst their customers.