UK Bank HSBC Might Soon Pilot Live Blockchain Payments

[amirshaf]

International banking giant HSBC is reportedly close to testing blockchain in live transactions.

Global Trade Review reports that the bank could launch several pilot programs based on existing proof-of-concept (PoC) projects in an effort to begin transitioning to live blockchain transactions. The move was announced during a private media call earlier this week.

HSBC senior innovation manager Joshua Kroeker said at the time that the launch would mark the fruition of trials conducted over the course of two years, including one announced in August 2016 that tests the use of a blockchain in replicating letters of credit.

At the time, the trial aimed to develop trust between two or more entities by creating a system to authenticate data, as previously reported.

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[warrior333]

I don't see it as surprising. The blockchain system will be used by many. I am sure that all governments and banks will use blockchain in the future. But this does not bring us closer to the recognition of bitcoin. To be honest I was not interested in this problem. I became a supporter of bitcoin because I do not trust banks and governments. I like this situation now. I don't need gifts from the government or bankers.

[carlfebz2]

I don't see it as surprising. The blockchain system will be used by many. I am sure that all governments and banks will use blockchain in the future. But this does not bring us closer to the recognition of bitcoin. To be honest I was not interested in this problem. I became a supporter of bitcoin because I do not trust banks and governments. I like this situation now. I don't need gifts from the government or bankers.

When we do talk about blockchain technology adoption then its not really surprising since we would really definitely come to this point and we do all know on how capable this technology can able to help out this industry specially into banking system.Sooner or later they would adopt it which is good to fasten up transaction and towards their service.Me also doesn't really hope about their involvement with bitcoin it would be much better on this way.

[creeps]

This is where we are heading now, many big companies will step in into this kind of technology in order for them to survive and able to compete to others specially within the banking system. Blockchain technology is an innovation that everyone will use for their own benefits, and by this cryptocurrency will grow higher.

[aso118]

International banking giant HSBC is reportedly close to testing blockchain in live transactions.

Global Trade Review reports that the bank could launch several pilot programs based on existing proof-of-concept (PoC) projects in an effort to begin transitioning to live blockchain transactions. The move was announced during a private media call earlier this week.

HSBC senior innovation manager Joshua Kroeker said at the time that the launch would mark the fruition of trials conducted over the course of two years, including one announced in August 2016 that tests the use of a blockchain in replicating letters of credit.

At the time, the trial aimed to develop trust between two or more entities by creating a system to authenticate data, as previously reported.

They are certainly behind the ball on this one. A lot of banks have already tested blockchain based solutions, more than a couple of years back. Bank of Santandar is one which readily comes to mind. Surprisingly, none of the banks seem to have gone in for large scale implementation. It could be something to do with their huge legacy data.

[Baofeng]

I don't see it as surprising. The blockchain system will be used by many. I am sure that all governments and banks will use blockchain in the future. But this does not bring us closer to the recognition of bitcoin. To be honest I was not interested in this problem. I became a supporter of bitcoin because I do not trust banks and governments. I like this situation now. I don't need gifts from the government or bankers.

Of course it's not surprising because the first recipient or the first one that takes advantage of this technology is the banks themselves. That's why its ironic that they are attacking bitcoin but they love the technology behind it.

This is where we are heading now, many big companies will step in into this kind of technology in order for them to survive and able to compete to others specially within the banking system. Blockchain technology is an innovation that everyone will use for their own benefits, and by this cryptocurrency will grow higher.

Yah its a technology that is not just adaptable to banks, but the whole industry as well. And you have to think that there have been talks of a Blockchain 2.0 already but we still haven't harness the full capability of it.

[figmentofmyass]

I don't see it as surprising. The blockchain system will be used by many. I am sure that all governments and banks will use blockchain in the future. But this does not bring us closer to the recognition of bitcoin. To be honest I was not interested in this problem. I became a supporter of bitcoin because I do not trust banks and governments. I like this situation now. I don't need gifts from the government or bankers.

Of course it's not surprising because the first recipient or the first one that takes advantage of this technology is the banks themselves. That's why its ironic that they are attacking bitcoin but they love the technology behind it.

why, though? what do they even mean by "blockchain payments?" because the whole premise of private blockchains is still flawed. maybe it could improve inter-bank settlement using some federated system, but......meh!

the real reason blockchains will benefit banks is if they are drawing fees for offering crypto exchange and custody services. there will be huge demand for this in the future, and mainstream consumers want to deal with reputable banks when it comes to money. this is how banks can (and will) obtain investment positions in various coins---by drawing fees and holding them.

[wandino]

Blockchain technology is an innovation that everyone will use for their own benefits, and by this cryptocurrency will grow higher. Bank is planning to launch several pilot programs based on existing proof-of-concept (PoC) projects in an effort to begin transitioning to live blockchain transactions.

[Hydrogen]

I'm not in favor of HSBC bank involving itself in blockchain or crypto.

HSBC is notorious for laundering money for drug cartels, terrorists and shady russians. They've laundered money for illicit groups over the past 15 years and they're still doing it as far as anyone knows as they've never been truly punished or regulated in an appropriate manner for their illegal activities.

HSBC Helped Terrorists, Iran, Mexican Drug Cartels Launder Money, Senate Report Says

A Senate report released ahead of the embargo time revealed that HSBC’s lax anti-money laundering policies allowed Mexican drug money, Iranian terrorist money, and even suspicious Russian money to enter the U.S. and gain access to U.S. dollar liquidity over the last couple of years.

The report, released late on Monday despite a 10 PM embargo time, was prepared by the Permanent Subcommittee on Investigations, and counted with the support of Senators Carl Levin and Tom Coburn.

In a year-long investigation, the Subcommittee found that HSBC violated several rules, exposing the U.S. financial system to “a wide array of money laundering, drug trafficking, and terrorist financing.”  According to the report, HSBC’s Mexican affiliate channeled $7 billion into the U.S. between 2007 and 2008 which possibly included “proceeds from illegal drug sales in the United States.”

https://www.forbes.com/sites/afontevecchia/2012/07/16/hsbc-helped-terrorists-iran-mexican-drug-cartels-launder-money-senate-report-says/

If we see newscasts claiming terrorists laundered money through HSBC bank, I hope people will realize and remember that HSBC has done this for at least a decade without receiving more than a slap on the wrist for it.

[pitiflin]

Those sons of bitches were behind terrorist funding a few years ago. Not surprised that now they are moving towards blockchain, it helps the to save their ass. Ever since HSBC was caught, they had to pay a huge hefty fine, they never got up from the lost but they somehow survived. Now this will help them get stronger and who knows, they'll do something much more worse.

[HabBear]

International banking giant HSBC is reportedly close to testing blockchain in live transactions.

Whoa, this could be fantastic news! It begs the question, though, will HSBC be doing this with their own "HSBC cryptocurrency"? If so, none of us should be interested.

It's also hilarious that they need to "test the blockhain", they should publicize that. The blockchain has been tested more thoroughly than any other technology before it. What they're testing is their own business processes. To make sure they know how to use the blockchain!

Those sons of bitches were behind terrorist funding a few years ago. Not surprised that now they are moving towards blockchain, it helps the to save their ass. Ever since HSBC was caught, they had to pay a huge hefty fine, they never got up from the lost but they somehow survived. Now this will help them get stronger and who knows, they'll do something much more worse.

I'm not in favor of HSBC bank involving itself in blockchain or crypto.

HSBC is notorious for laundering money for drug cartels, terrorists and shady russians. They've laundered money for illicit groups over the past 15 years and they're still doing it as far as anyone knows as they've never been truly punished or regulated in an appropriate manner for their illegal activities.
port, HSBC’s Mexican affiliate channeled $7 billion into the U.S. between 2007 and 2008 which possibly included “proceeds from illegal drug sales in the United States.”

And you two guys are hilarious. A major bank decides to deal in cryptocurrency and you're against it?!?! hahah. Totally agree with you that HSBC is a shit bank that's financed a lot of evil things in the world, but Chase bank is banning their customers from making transactions to Coinbase...which of these two stories do you prefer?

[pitiflin]

And you two guys are hilarious. A major bank decides to deal in cryptocurrency and you're against it?!?! hahah. Totally agree with you that HSBC is a shit bank that's financed a lot of evil things in the world, but Chase bank is banning their customers from making transactions to Coinbase...which of these two stories do you prefer?

I wouldn't call HSBC a major bank anymore. All the banks have lost respect for it, so no. Chase Bank, backed by Jamie Dimon, has always been against bitcoin. Jamie Dimon admitted that he did all the shit just so that he could profit from it. But I also did hear them speaking good stuff about crypto. HSBC and Chase Bank are banks at the end, and both of them suck. So don't give a shit about it.

[campbell.box]

Block chain has the biggest impact on the bank, and the bank research block chain technology is very helpful for developing its own business.

Despite the scandal, HSBC has made its own efforts to develop the blockchain.

Technology is just a tool to see how people use the technology!

[Hydrogen]

And you two guys are hilarious. A major bank decides to deal in cryptocurrency and you're against it?!?! hahah. Totally agree with you that HSBC is a shit bank that's financed a lot of evil things in the world, but Chase bank is banning their customers from making transactions to Coinbase...which of these two stories do you prefer?

I would prefer a small independent bank or startup financial institution to support crypto and benefit from it to create more competition in the banking industry. Big banks adopting crypto will likely only help them to maintain a status quo of industry wide stagnation, where little innovation or advancement occurs. There is too much centralization and monopolization of finance, in my humble opinion. Banks being penalized more severely or broken up to encourage free markets and an even playing field could benefit everyone, including bankers.

Good point on chase bank and their questionable practices. I remember awhile ago chase bank closed the accounts of many pornstars, strippers and adult entertainers for no reason. It could be due to chase not approving of small businesses or entrepreneurs in the adult entertainment industry being a big source of recent job creation. I'm not certain what the motive is, but I think many banks definitely have their own political agendas which they indirectly attempt to achieve whilst lurking in the shadows.