HSBC swaps paper records for blockchain to track $20 billion worth of assets

guest · Nov 30, 2019

HSBC swaps paper records for blockchain to track $20 billion worth of assets
November 27, 2019
https://www.reuters.com/article/us-...rack-20-billion-worth-of-assets-idUSKBN1Y11X2

HSBC aims to shift $20 billion worth of assets to a new blockchain-based custody platform by March, in one of the biggest deployments yet of the widely-hyped but still unproven technology by a global bank.

Banks and other financial firms have invested billions of dollars into finding uses for blockchain, a digital ledger that can be instantly and transparently updated. Few, however, have come up with practical or widely-used applications.
The HSBC platform will digitize paper-based records of private placements, using blockchain to reduce the time it takes investors to make checks or queries on holdings.

Windsor Holden, an independent consultant who tracks blockchain and cryptocurrencies, said major savings were unlikely in the initial stages of projects such as the custody platform.

“I wouldn’t expect to see huge savings, or huge efficiencies announced in the first year to 18 months,” he said.
Click to expand...

Log in or Sign up

HSBC swaps paper records for blockchain to track $20 billion worth of assets

guest Guest

Log in or Sign up

HSBC swaps paper records for blockchain to track $20 billion worth of assets

guest Guest

Useful Searches