HSBC Top Manager Names Blockchain Advantages For Global Trade
A high-ranking employee of the world leading banking conglomerate HSBC appreciated the value of blockchain for the financial sector, and called transparency and instantaneity the major advantages of the technology, L'Usine Digitale reports.
Béatrice Collot, the head of the global trade and receivable finance department, stated that blockchain is able to unite the two core ecosystems in the industry where HSBC operates. These are finances, which are represented by banks and suppliers, as well as supply industry with its chains.
The distributed technology allows to create a common platform for a large number of stakeholders, and eliminate the difficulties in their interoperation. As Collot emphasized, bringing together all participants and more open information exchange via blockchain may transform the field of the world trade.
Speaking of transparency and high speed of operations, Béatrice Collot suggested that these qualities will enhance security of systems and provide significant savings of time and money as well.
At the same time, Collot noted that the aforementioned perks of blockchain refer only to the current stage, since humanity has not fully adopted this technology yet. To do this, HSBC executive stressed, the widespread blockchain adoption and interoperation are needed.
Moreover, Béatrice Collot stated that HSBC is actively using blockchain platforms for trading, such as We.trade, eTradeConnect, and the Voltron project. She also named the main projects in the DLT industry in her opinion: Corda from R3, the well-known Ethereum, and the IBM blockchain initiative Hyperledger.
As previously reported, HSBC conducted millions of blockchain transactions totalling $250 billion.