As of writing, the first major logistics transaction using blockchain and smart contracts was completed on the Corda blockchain between HSBC and ING, and involved the shipment of soybeans from Argentina to Malaysia. According to the banks, such a transfer used to be very time consuming and would take five to ten days. With blockchain, the whole issue of finance was handled in under 24 hours.

The use of smart contracts is still in its infancy, and yet the technology has already resulted in an 80–90% reduction in the cross-border friction of financial services. As the technology and surrounding ecosystem improves, the advantages may become yet more extreme.