HSBC: Facilitating Trade Finance using Blockchain

HSBC (The Hong Kong and Shanghai Banking Corporation Limited) Holdings plc was a member of various trade finance consortia that aimed to digitise the traditional paper-based trade finance process. It had successfully executed multiple trade finance pilots by using a blockchain-based platform, Contour (formerly known as Voltron), and is planning to launch the platform commercially. The trade finance market was estimated at USD 18 trillion annually, and HSBC had a share of 12% in trade finance transactions worldwide.
This case revolves around the challenges faced by banks or consortia while porting the traditional trade finance process to a blockchain-based system. Key aspects to be considered are the ways in which banks form consortia, implement blockchain and facilitate trading globally, given that blockchain is a new technology and the porting process will necessitate bringing all of the stakeholders involved in the trade finance value chain onto the blockchain-based platform. It is in this context that HSBC confronts questions related to making various decisions.
What type of governance structure would facilitate a quick roll-out of services that could be provided robustly and with integrity of process and intent? How should HSBC price its trade finance services?