Cryptocurrency

Blockchain commercialisation by 2020 – HSBC chief optimistic

Blockchain for a few years, everyone is talking about. The technology experts of the future technologies, such as Virtual Reality, quantum computing, 5G Internet and co. But whether or not “the Blockchain”, you can keep all the promises and expectations in mind are the ghosts. A lot of Startups, but also large established companies are trying to of the technology, the more transparency, as well as time and cost savings in all business processes promises.Particularly for banks, whose business model has a large number of transactions and a lot of trust is necessary, could be the value of the Blockchain is enormous. So it’s no wonder that many banks have their own projects on the topic of Blockchain and cooperate with it. So, too, the largest European Bank HSBC (as of 2017), with headquarters in London.

Blockchain 2020 – HSBC on the front

In an Interview with “Tech Wire Asia”, the head of the “HSBC Global Commercial Banking Growth and Innovation of the Blockchain Lead” Joshua Kroeker is now optimistic that 2020 could be the year of the “commercialization” of the technology, after the last years has been experimented a lot.

We know that the technology works well and we are very keen that in the next year, a change from the industrial Tests and to Learn industry-commercialization takes place.

But, apparently HSBC does not intend to limit their efforts around the Blockchain technology on the banking sector. Quite the contrary: the Bank wants to connect networks from different industries, to “help partners and customers in Overcoming the Trial-and-Error process.”

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First successes are already recorded – the market must decide

What Joshua Kroeker told, is in contrast to many other ideas around the topic of Blockchain not a bare theory, but practical successes. The company was able to celebrate in the last time, the successful implementation of some of the transactions on its own Blockchain platforms. This justifies the step from “Test” to “commercialization”.

Although companies are not yet ready for a market introduction, prove these successful transactions, that the technology for customer work. This has led to a significantly higher demand for participation in transactions as a before six to twelve months.

In view of the ever closer coming year 2020 Kroeker and his Team believe that the commercialisation of the Blockchain lies in the range, not only for the banking and financial services industry, but also for other industries, which is part of a broader, are more intelligent Ecosystem. In the end, will decide, according to Kroeker, the market in the Form of the customer, what is the Blockchain platforms and applications to meet your needs the most.What do you think about the current development around the Blockchain technology? What are the statements of Joshua Kroeker on you to make an impression? Come in to our Telegram Chat and talk with the experts and the Community. Subscribe to our News channel to not miss any News. (Image Source: Shutterstock)

About the author

Eve Manning

Eve Manning

A native Texan, Eve first started out as a Finance Analyst and later realized that her true passion was not in trading but in writing. She leverages her experience in the Finance industry to analyse and write in-depth news articles covering the Cryptocurrencies, Economy & Finance industries.