HSBC made an announcement recently that it is going to be the first institution to use the R3 Corda enterprise blockchain on Google Cloud. HSBC bank uses the open-chain blockchain platform Corda for Digital Vault, its custody blockchain platform. The bank believes this shift will cut the onboarding times.
HSBC bank has recently become the first bank to use R3 Corda Enterprise Blockchain Network on Google Cloud. The shift to Google Cloud will help the bank to cut off the client onboarding times from months to weeks in the near future.
As of now, the service has gone live in Asia, and other regions will follow shortly.
The head of Distributed Ledger Technology and Tokenisation, Markets and Securities Services of HSBC, Gaurav Aggarwal explains the recent move and says:
He further adds to his statement:
In 2019, the solution was exposed, and the initial plan was to move around $20 billion of the overall $50 billion assets under HSBC custody. Although it was a tiny fraction of the total assets under HSBC custody, the bank has several other blockchain activities.
The bank also provided its on-chain agreement solution for the issuance of a bond on the digital asset platform of Singapore Exchange. Moreover, the Contour trade finance platform was majorly backed by HSBC, and it is a participant in the finance network named 'we.trade'.
In addition to this, Google Cloud has recently shown an interest in hosting DLT networks and public blockchain. It hosts nodes as it is on the governing council of Hedera Hashgraph.