- HSBC has been conducting some work on leveraging blockchain technology.
- It will be aimed for use across many of its banking operations, testing a Digital Vault.
HSBC is looking into the benefits of using blockchain across many of its banking operations. Following the testing of R3 based Voltron, it is planning to conduct banking transactions on a blockchain-based ‘Digital Vault.’
In terms of the banking platform, it is set to digitalize paper-based records of placements onto a real-time record-keeping platform. HSBC are aiming to deploy $20 billion worth of private placement securities on the custody platform.
At present, the records are paper-based and lack standardization. According to reports, HSBC is aiming to implement the tech across all it’s $50 billion worth issued financial securities. It is expected that the private placements on the platform would permanently reduce the need for mediators, which would reduce the expense of these funds.
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