HSBC, one of the largest banking and financial services organizations in the world, headquartered in London, is planning on making a bold $20 billion step. The bank will be shifting $20 billion worth of assets to a new blockchain-based custody platform by March. This is a vast improvement of the previous system as the HSBC platform will digitize paper-based records of private placements. HSBC expects the global value of private placements to hit $7.7 trillion by 2022, a jump of 60 percent from five years earlier. HSBC's decision to put $20 billion worth of assets onto blockchain technology is being heralded as one of the biggest deployments to the transparent and instantly available technology.

Source: Forbes November 29, 2019 14:26 UTC