Reports from the Global Trade Review assert that international banking giant HSBC is set to test blockchain in their live transactions. According to the news, they are launching several pilot programs based on proof-of-concept (PoC) projects—steps that are specifically being taken supposedly to transition to the aforementioned live blockchain transactions.
This was confirmed by HSBC senior innovation manager Joshua Kroeker, who disclosed that the tests have actually been in finetuning phase the past couple of years. “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.”
Digitizing operations has consequently been a priority for many of the bank’s clients, although letters of credit do appear to be one particular area of difficulty. “This product is one of the first we’re going to pilot, which is going to be exciting,” said Kroeker. The company is eyeing an early 2019 launch of a live network.