HSBC Will Use Blockchain To Track $ 20 Billion Assets

HSBC plans to digitize $ 20 billion of securities and transfer them to a blockchain platform by March 2020 to make it easier for investors to store and track assets..

Currently, records of private placement are kept on paper, so they working with them can be difficult and time consuming. The British bank decided to simplify access to assets with its Digital Vault platform.

By early next year, HSBC plans to move 40% of its records to blockchain. In total, the bank owns securities worth $ 50 billion.

The company also plans to use blockchain to cut costs, but cannot yet predict the level of efficiency gains or the absolute amount of savings for the bank and customers..

HSBC Will Use Blockchain To Track $ 20 Billion Assets

This is not the first time HSBC has used distributed ledger technology. Earlier, the financial conglomerate reported that it has conducted about 3 million foreign exchange transactions using the blockchain platform..

Alfa-Bank is also actively introducing blockchain into its activities. In September, the bank, together with X5 Retail Group, launched the DTCM service for corporate clients, which allows you to manage payments, credit and deposit products and a pool of liquidity within the holding.

text: Ivan Malichenko, photo: Bloomberg

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