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Blockchain: HSBC Swaps Paper Records For Blockchain To Track $20 Billion Worth of Assets

Blockchain:

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Blockchain: Technology

Blockchain:

HSBC Swaps Paper Records For Blockchain To Track $20 Billion Worth of Assets (reuters.com)






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msmash

from the how-about-that dept.

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. From a report:

The platform, known as Digital Vault, will give investors real-time access to records of securities bought on private markets, HSBC told Reuters, and seeks to capitalize 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, however, 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 digitize paper-based records of private placements, using blockchain to reduce the time it takes investors to make checks or queries on holdings.

I bet the human brain is a kludge.
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