- Blockchain chain based platform to receive assets valued 20 billion USD in the early months of 2020.
- This new technology being prepared is called Digital vault, this aims to provide investors a transparent trading platform and real-time information of changes being brought in the digital market.
- This is one of the biggest money transfers in such a Blockchain-based program by banks.
HSBC, one of the largest multinational banks have planned to transfer assets of valuation of 20 billion USD in a new technology presented by the Blockchain platform.
This transfer will be completed by March of next year and is seen as one of the biggest asset transfers by any bank in such an untested technology.
This technology is named Digital Vault, whose aim to provide transparency to the involved investors and help them get real-time information on the market scenario.
The prototype of this technology presented to the banks is so much liked by the authorities that banks have initiated a huge amount of 20 billion USD to be invested in the plan.
Importance of this reform
All the record regarding trades and withdrawals which were previously held on the paper medium will be made digitally available with the help of Blockchain technology which will be accessible by the user easily and will be easier to be managed by the company.
The estimated value recorded in these paper-based databases is said to be 50 billion USD which becomes quite cumbersome to be looked after by the company.
So this reform was quite required and demanded as it is good for both the company and the users.