The UK-based bank HSBC is one of the latest in the list of banks who are nearing the final talks with blockchain experts. According to rumors, the bank is very close to launching the live trade financial transactions based on blockchain technology.
The project originally dates back to 2015 and a report where the bank showed interest for blockchain. Three years later, it finally aims at maximizing efficiency and bringing real-time awareness and organization to its financial systems.
As Joshua Kroeker, a spokesperson for the bank says, they are almost ready to go live with this service, after spending two years on working through the issues.
“Going from that PoC in 2016, we’re at the tipping point of getting our customers involved in live transactions in the coming weeks and months. The technology has come a long way; we’re much more comfortable with its security and scalability.”
Currently, HSBC is overlooking the options and actively searching for individuals that will pilot the products, hoping to roll out the system in a variety of networks by next year. What’s interesting is that they are not the only bank with such efforts – many other banks (especially in Asia) from Taiwan, India and other countries are actively looking to explore the blockchain opportunities.
And while the banks around the world are embracing blockchain, financial institutions are still showing concern over the decentralized cryptocurrencies. One of them is JP Morgan Chase, the largest bank in the US, announcing that the entire technology could disrupt its business.
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