Blockchain Picking Up With Banks

A recent trend with Blockchain is big corporations and banks are starting to partake in blockchain transactions. One bank in particular Hong Kong and Shanghai Banking Corporation (HSBC), which happens to be one of the biggest banks in the world by total amount of assets, reported that they settled $250 billion in transactions using blockchain technology.

The press release done by the Financial Times also reported that in 2018, HSBC also had over 3 million blockchain based transactions overseas. This was done through the platform “FX Everywhere”, and HSBC said that since its launch early 2018, they have processed more than 150,000 payments.

FX Everywhere essentially helps HSBC with their internal balance sheets, and HSBC reports that it has not only made settlements a lot easier, it also ensures that payment confirmations did not require many steps and protocols.

Although the exact payment volume was not disclosed, this only proves the benefits that come with blockchain backed technology adoption, and this sets the precedence for easier and faster transactions we can all look forward to.