The international bank, HSBC, completed $250 billion in blockchain-processed transactions last year in 2018. This piece was developed by sourcing a press release quoted by the Financial Times. Using blockchain technology, the amount of settled transactions totaled $250 billion dollars. Again, this financial services group used the technology to issue a letter of credit to the agricultural firm, Cargill. The letter of credit covered the transportation of produce from Argentina to Malaysia, issued by Netherlands financier ING.
The firm revealed that settlements were made easier with the in-house blockchain-based platform – there were advantages for using this system but one standout is that the payment confirmations did not require additional protocols. This clearly underscores the cost saving and efficiency stories we hear about the blockchain technology, it is just efficient.
And it is important to note that a bank with global reach like HSBC carries out FX transactions by the thousands, and as a spokesperson for the bank stated, the integration of blockchain technology has made such processes smoother. This is just another example of the future of blockchain being bright as it becomes part of our daily lives.