HSBC makes $250 billion transactions using Blockchain technology

Blockchain may not be the “savior,” yet! But it is gaining momentum across the globe and across industries. Of course, the finance industry is where the heart of the technology lie and the blockchain technology is proving to be worthy of being at the heart of it.

HSBC needs no introduction when it comes to the financial world and blockchain technology has set a new precedent at the bank with more than three million transactions totaling up to a staggering two hundred and fifty billion dollars ($250 bn) in foreign exchange transfers.

That is not the end of the story; the bank is now moving on to taking bigger steps using the technology since the bank is very pleased with the drastic change in the efficiency of internal transaction that has been witnessed with the use of this technology.

The global acting head of currencies Richard Bibbey expressed that the results are pleasing and the distributed ledger technology (DLT) is working across balance sheets and across the countries for the bank.

The bank is using DLT for a small number of transactions given the total size of the bank is huge, and the technology is relatively new, therefore the reluctance. However, the current results are very promising, and the bank is believed to take the technology further with the adaptation of the tech.

Experts believe that the adaptation of DLT at such levels would ensure that the trust level increases in masses thus leading to overall stability. This is good for the growth of technology on the one hand, and on the other hand, it might also impact the crypto trading sphere.