“For this transaction, HSBC used a platform developed by blockchain start-up R3 called Corda. R3 works with a consortium of banks to come up with blockchain solutions to a variety of problems.”Moreover, according to CNBC, Vivek Ramachandran, Head of Growth and Innovation at HSBC has said:
“The need for paper reconciliation is removed because all parties are linked on the platform and updates are instantaneous, the quick turnaround could mean unlocking liquidity for businesses.”This is really good news for the blockchain industry and highlights another example of how powerful the technology is. We should expect to see much more of this coming from HSBC and to be honest, we may very well see more and more UK based banks getting involved in such activities. As it becomes more popular, perhaps the UK banking sector will see blockchain as the ‘cool’ new money. Given that the Bank of England are currently part of a task force establishing cryptocurrency regulations for the UK, we could see some really important changes made because of this work by HSBC, Barclays and Santander.