British bank will become pilot live Blockchain payments

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The bank could launch several pilot programs based on existing proof-of-concept (PoC) projects in an effort to begin transitioning to live blockchain transactions.

HSBC Senior innovation manager Joshua Kroeker said at the time that the launch would mark the implementation of trials held for two years, including one, announced in August 2016, which verifies the use of a blockchain in the replication of letters of credit.

At that time, the trial was aimed at developing trust between two or more objects by creating a system for data authentication, as previously reported.

Many HSBC’s customers have begun the process of digitizing their operations, but letters of credit are one of the areas where most of them are experiencing difficulties.

Currently, the bank is integrating clients into its pilot programs. If they are successful, the projects will be fully implemented in live production environments, although this step will require additional work for both the blockchain application and the network.

It is currently planned to launch a live network in early 2019.