According to a Reuters report, HSBC is planning to track $20 billion in assets on a Blockchain-based platform in 2020. $20 billion in assets to be tracked by HSBC on a blockchain platform.
Next year, the bank will shift the latest records on its Digital Vault network to help investors track securities. HSBC will computerize private placement details.
The report says the records are paper-based right now. So it would be “tricky and time-consuming” to gain access to them.
The bank will move 40 percent of its paper-based records on to the platform. Currently, it holds $50 billion assets.
Reuters stated, HSBC “could not quantify the amount that could be saved for the bank or its clients.”
Windsor Holden, a consultant, said he does not think there will be any announcement of savings after the platform is developed in 2021.
HSBC completed forex transactions worth 3 million implementing a Blockchain platform in January. It conducted $250 billion trades, which includes 150,000 in payments. There have been previous claims that the bank has also used Blockchain technology to computerize letters of credit.