SBC Puts $10B of Private paper base on R3’s Corda Blockchain
HSBC has put $10 billion of paper-based private placement records on R3’s Corda blockchain. HSBC has been migrating their paper based private placements to their own Corda Blockchain. HSBC has no immediate plans to move into the crypto space. But HSBC upper management do have the intentions to put some of their paper documents to their own Blockchain. The Bank is looking into making their documentation more efficient as blockchain is part of the solution.
Clients can access the Corda platform, which the bank has dubbed “Digital Vault,” through their HSBC online accounts.
“They click on holdings and it brings up a list of all of the documents that we have stored against that particular transaction,” Roddy said.