HSBC could launch live blockchain payments

UK bank HSBC is allegedly looking at ways of using blockchain in live transactions, planning several pilot programs testing the proof-of-concept (PoC) projects.

Joshua Kroeker, senior innovation manager for HSBC, spoke about plans during a media call this week (via Global Trade Review), stating that the announcement comes after two years of trials.

He said: “Going from that PoC in 2016, we’re at the tipping point of getting our customers involved in live transactions in the coming weeks and months. The technology has come a long way, we’re much more comfortable with its security and scalability.

“That’s the stage we’re at now, we want to get customers involved to do those [pilots]. The next stage after that, in getting it live into production, is a further amount of work around the application but more work on the network.”

The previous trials include tests for replicating letters of credit with blockchain, which will now be the first to go to pilot, according to Kroeker.

“We see that developing throughout the year so that in 2019, around the same time, we should be in a position to have both the network of banks, corporates and others, and the app ready to use on a wider scale,” he added.