April 25, 2024

HSBC Introduces Blockchain to Track $ 20 Billion Client Assets!

HSBC will implement blockchain to track $20 billion of client assetsHSBC Introduces Blockchain to Track $ 20 Billion Client Assets!
International bank HSBC announced thatusers will be able to track their assets in real time using the custodial blockchain platform Digital Vault.

Getting paper records can be“Complex and time-consuming,” however, in March next year, the data that is now stored on paper will be transferred to the Digital Vault blockchain platform.

At the moment, HSBC manages client assets for $ 50 billion, however, only 40% of records will be transferred to the blockchain platform. Bank representatives noted:

“Now we can’t say how much money the blockchain will save the bank or its customers.”

Independent Consultant Windsor Holden (WindsorHolden) believes that some savings will be noticeable only by the end of 2021. In his opinion, the effectiveness of the blockchain becomes really noticeable only a year and a half after the launch of the project.

Let us recall that in early September, HSBC announced the completion of the first letter of credit transaction in yuan on the Voltron blockchain platform.
source: https://bits.media/hsbc-vnedrit-blokcheyn-dlya-otslezhivaniya-20-mlrd-klientskikh-aktivov/