Wednesday, April 1, 2020

HSBC to Lead Blockchain Banking for the Next Few Years

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HSBC, one of the world’s biggest banks after being the first to take the greatest leap of faith into a nascent blockchain technology are now reported to be on the verge of another major investment into blockchain.

Pioneer and Chain-Blazer

HSBC bank led thousands of banks in the world to show that it was ready to put its mouth where its mouth is. And not only its money, its entire system of operations. Blockchain as an emerging technology has gained rave attention over the past few years and rightly so. The technology is generally praised to be the next big thing—after the internet— to hit the evolution of technology.

However, while the technology has been lauded and applauded and hailed as the magic of the moment, big institutions have been careful of implementing it on a major scale. Apart from its popular use in the cryptocurrency and digital assets scene, it hasn’t reached a fraction of potential, at least considering the hype around it.

While big and influential institutions such as IBM, Alibaba, and even JP Morgan have been scrambling to roll in as many blockchain patents as possible, implementation on a larger scale has been hardly forthcoming—bar Ripple’s extraordinary financial services showing SWIFT how it is done. HSBC would, however, be the first to implement blockchain on a global scale, trusting the technology with more responsibilities that have been witnessed at other banks and institutions of its ilk.

Prior to HSBC’s key implementation late last year, other big guns such as JP Morgan did make one or two transactions on the blockchain, as a test and paused larger-scale integrations. HSBC, on the other hand, revealed last month that costs incurred from the beginning of this year had been reduced by more than 20 percent because of the efficiency of its blockchain.

JP Morgan has since led the financial sphere with its own impressive Quorum blockchain platform too, and just recently launched its own native cryptocurrency, JPM.

Heavy Investments in Blockchain

According to Stuart Trait, the general manager and regional head of commercial banking, Asia Pacific Group Stuart, HSBC bank would be investing billions of dollars into the blockchain industry between 2019-2021, with Asean and Asian regions expected to benefit about 80 percent of it. He explained that the advent of the blockchain in the banking and financial industry is set to bring efficiency, speed, and security into the sector like never before, especially considering the large volumes of daily transaction.

“We expect to handle more blockchain transactions for trade,” he said “ It’s a really great area for us to focus on because we handled about 100 million pieces of paper every year just in trade finance and blockchain technology can be used to digitalize the documents. Instead of taking five to 10 days to transfer the (trade) documents, blockchain transactions can be completed within 24 hours.”

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