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HSBC To Test New Blockchain Based Payment Solution

Joshua Kroeker, the senior innovative manager of the multinational bank HSBC, announced the pilot test of a new blockchain based payment solution this morning.
The bank had previously developed a proof of concept in 2016 and grown this proof into a full-fledged network based blockchain solution. Joshua stated: “I’ve spent a large amount of time over the past two years speaking to lots of our largest trading clients. For the most part, they have worked very hard to streamline and digitize their operations where possible, but the product that gives them the most trouble is the documentary credit. This product is one of the first we’re going to pilot, which is going to be exciting.”
The solution proposed by HSBC will be tested only in-house. For the implementation tests, all banks involved should be on the same network. They expect these tests to be very positive, getting more banks and clients on their network to launch this solution later this year.
It looks like 2018 will be the year of blockchain banking applications. Full source article can be found here.

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