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HSBC joins the list of banks that develop and implement blockchain in order to optimize their services. In order to introduce and inspire the adoption the technology, the global bank invites South Korean banks to partner with HSBC on the eve of the upcoming launch of the project in the near future. This news was announced during a press conference today in Seoul.
The HSBC platform is called Voltron. According to HSBC Innovation Director Joshua KROEKER, the introduction of the blockchain is currently at an experimental stage, and HSBC Korea wants to connect partners to exploit the new solution as fully as possible.
The Voltron platform is a perfect solution for banks, as it assumes efficient settlement and processing of trade invoices. Thus, it is an ideal tool for real-time international trade and other business operations. It is expected tol solve the problem of processing paper letters of credit, which exporters require from importers. Typically, filling and processing of these documents takes from 5 to 30 business days, which slows down business and increases costs for all stakeholders in the supply chain.
The platform is being developed within the framework of the R3 blockchain consortium.
Image courtesy of The Tokenist
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