HSBC plans to use blockchain technology to record about $20 billion in assets next year

HSBC plans to track about $20 billion in assets on the blockchain hosting platform early next year, Reuters reported on Wednesday. According to the report, HSBC plans to move its current paper records to its digital repository by March 2020, allowing investors to track securities in real time. With blockchain, Banks digitise their private placement records to give investors a quick look at their holdings.

The records are now in paper form, the report said. In its current form it is "tricky and time-consuming" to go through the records every time. However, only 40 per cent of HSBC's records have been transferred to blockchain, according to BlockBeats. The bank currently holds $50 billion in assets. While the use of the blockchain platform is intended to save costs, HSBC "cannot quantify how much it will save the bank or its customers," Reuters said.

Original address:https://www.coindesk.com/hsbc-to-track-20-billion-in-assets-on-a-blockchain-next-year

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