HSBC shifts $20 billion worth of assets to Blockchain

Stefan Mileschin · 3rd December 2019, 08:29

Doesn't this sound like an episode of Mr Robot?

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.

The platform, known as Digital Vault, will give investors real-time access to records of securities bought on private markets.

HSBC said it wanted to capitalise on booming interest in such investments by yield-hungry investors. 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 have come up with practical or widely-used applications. Proponents say the blockchain will upend the financial sector by cutting out costly processes or the need for middlemen - though there have been few solid examples yet of such revolutionary use.

The HSBC platform will digitise paper-based records of private placements, using blockchain to reduce the time it takes investors to make checks or queries on holdings.

https://fudzilla.com/news/49889-hsbc...-to-blockchain

3rd December 2019, 08:29	#1
Stefan Mileschin [M] Reviewer Join Date: May 2010 Location: Romania Posts: 153,514	HSBC shifts $20 billion worth of assets to Blockchain Doesn't this sound like an episode of Mr Robot? 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. The platform, known as Digital Vault, will give investors real-time access to records of securities bought on private markets. HSBC said it wanted to capitalise on booming interest in such investments by yield-hungry investors. 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 have come up with practical or widely-used applications. Proponents say the blockchain will upend the financial sector by cutting out costly processes or the need for middlemen - though there have been few solid examples yet of such revolutionary use. The HSBC platform will digitise paper-based records of private placements, using blockchain to reduce the time it takes investors to make checks or queries on holdings. https://fudzilla.com/news/49889-hsbc...-to-blockchain

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