HSBC Bank to shift $20 billion worth of assets to blockchain-based Digital Vault

audaciousbeing

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Quote from: Kprawn on December 01, 2019, 12:39:41 PM

Look closely, you will not find that they mention anything about the Bitcoin token. The asset they talk about is some centralized Blockchain based

technology that they control. Banks will never use Bitcoin, because they want it to fail, they would rather take the best part of it (Blockchain) and

create their own centralized technology and push a lot of money into that. This way they can manipulate the price by changing the supply and also

identifying the customers using the technology. (As required by the regulating authorities in the form of KYC/AML regulations.) Angry

You might not be far from the truth and it would even sound more absurd if the bank has announced that they will be using bitcoin because they can't. Not because they don't want to, but because the laws and regulations which they must comply with does not allow them to do so. Except there is a position from the government at which the bank is located, I don't see any difference in the status quo. The take away from this is what the community needs to take which is the potency of the blockchain technology which by inference bitcoin is a testament that the technology works. So, by the continued harness of blockchain, there is a subtle support for bitcoin and other crypto that runs on it.

Karmakid

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This is a huge move by the HSBC bank and it is a proof for the haters and to the skeptical that blockchain technology is really a thing and it is not useless because if its useless then there will be no company especially financial institution to use this kind of technology. With this big fun by the HSBC, I hope this will serve as an encouragement to the people who doubt blockchain to utilize it now.

Clement Kaliyar

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Quote from: Yatsan on December 01, 2019, 02:04:35 PM

Most probably they will create their own blockchain provided with their own cryptocurrency on which they will have a full control. As a matter of fact these banks are really threatened with bitcoin that has already affected their operations and also taking advantage of the mass that is continuing the use of cryptocurrency. Banks are smart, so new people should too.

To implement blockchain for their banking system to monitor and safeguard everything they can use blockchain to have more transparency and they do not necessarily need to make a currency for those transaction and for a bank to come up with their version of digital currency is not easy as you need the government to implement these and a bank are just safe keepers. Grin

Hydrogen

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Quote from: 1Referee on November 30, 2019, 03:02:35 PM

HSBC has been lagging behind, but that doesn't mean the whole banking industry isn't doing well. Tongue

Awhile ago, a thread was posted in the economics section for a bloomberg article which claimed more than 50% of the world's banks could be too weak to survive a recession:

https://bitcointalksearch.org/topic/m.52871571

In addition to this, we know banks in major nations like china have experienced significant melt downs recently with many chinese banks being bailed out or nationalized in 2019.

If you disagree with the idea of banks not doing well atm, this is what you have to contend with.

Weakness on the part of banks could represent a major motivation for many being desperate enough to announce alliances with competitioin in the form of blockchain or cryptocurrency technology. All of this appears to be a natural progression and the most likely scenario. Although a part of it is likely political in origin rather than simple necessity. If you disagree, I would be interested to hear why.

Ayiranorea

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Quote from: EdvinZ on December 02, 2019, 01:53:08 AM

I also believe that a similar statement could be made by HSBC deliberately to raise its share price. The announcement of the introduction of digital blockchain technologies is a good reason to hope that investors will buy shares of the company. But it also shows how serious banks are about blockchain technology. I think in the future the number of banks implementing advanced digital technologies will increase.

Most of the banking firms have known good about the need of advanced technology and to keep them up to date with the market demands. Compared to other banking firms HSBC has been experiencing lag in growth. Such initiation taken forward will make more global investors prefer to invest on the shares which were found low at present.

EdvinZ

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I also believe that a similar statement could be made by HSBC deliberately to raise its share price. The announcement of the introduction of digital blockchain technologies is a good reason to hope that investors will buy shares of the company. But it also shows how serious banks are about blockchain technology. I think in the future the number of banks implementing advanced digital technologies will increase.

Mometaskers

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Quote from: Wapfika on December 01, 2019, 09:43:48 AM

Quote from: Mometaskers on December 01, 2019, 01:00:42 AM

Not really related to bitcoin so it really won't affect it. I believe HSBC is not the first bank to say they are trying blockchain. It's really an issue on physicality, most bank operations are already digital anyway, with bills barely moving.

But it's still a business so I suppose they've calculated they'd be able to reduce operation cost transitioning. That plus it's hip to slap "blockchain" on many things these days that they make it look like a fad. If this would reduce their use for money laundering (I doubt it) then good still.

It's a good move for blockchain adoption and maybe soon with cryptocurrencies too, as there are banks offering Bitcoin ATM too in our country. These might be the start of bitcoin and banks cooperation in creating a business crypto implemented.

Maybe, maybe not. Maybe more banks might be able to offer bitcoin services in their ATM if they themselves have their own blockchain. I already see cardless withdrawals from ATM and there's at least one bank where I am where we can send the bitcoin from the exchange to the bank and withdraw from their ATM despite not having an account with that bank. Maybe we'll get to the point where all banks have that service.

Yatsan

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Quote from: Kprawn on December 01, 2019, 12:39:41 PM

Look closely, you will not find that they mention anything about the Bitcoin token. The asset they talk about is some centralized Blockchain based technology that they control. Banks will never use Bitcoin, because they want it to fail, they would rather take the best part of it (Blockchain) and create their own centralized technology and push a lot of money into that.

Bitcoin was never eyed by these institutions but rather the technology behind it that made it so popular. Most probably they will create their own blockchain provided with their own cryptocurrency on which they will have a full control. As a matter of fact these banks are really threatened with bitcoin that has already affected their operations and also taking advantage of the mass that is continuing the use of cryptocurrency. Banks are smart, so new people should too.

Quote from: Kprawn on December 01, 2019, 12:39:41 PM

This way they can manipulate the price by changing the supply and also identifying the customers using the technology. (As required by the regulating authorities in the form of KYC/AML regulations.) Angry

This is the very reason why they did not use bitcoin or any other cryptocurrency but maybe they'll take partial of this knowing bitcoin is at short price range. I'd rather be happy than to be sad knowing that they are going to issue KYC procedures, in fact it is an added security for us, on top of physical security on their establishments.

Kprawn

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Look closely, you will not find that they mention anything about the Bitcoin token. The asset they talk about is some centralized Blockchain based

technology that they control. Banks will never use Bitcoin, because they want it to fail, they would rather take the best part of it (Blockchain) and

create their own centralized technology and push a lot of money into that. This way they can manipulate the price by changing the supply and also

identifying the customers using the technology. (As required by the regulating authorities in the form of KYC/AML regulations.) Angry

aardvark15

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Blockchain technology is going to be everywhere soon. The difference here though is that this is not a decentralized open ledger but is a privately owned blockchain that a corporation will control.

TastyChillySauce00

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Quote from: Wapfika on December 01, 2019, 09:43:48 AM

Quote from: Mometaskers on December 01, 2019, 01:00:42 AM

Not really related to bitcoin so it really won't affect it. I believe HSBC is not the first bank to say they are trying blockchain. It's really an issue on physicality, most bank operations are already digital anyway, with bills barely moving.

But it's still a business so I suppose they've calculated they'd be able to reduce operation cost transitioning. That plus it's hip to slap "blockchain" on many things these days that they make it look like a fad. If this would reduce their use for money laundering (I doubt it) then good still.

It's a good move for blockchain adoption and maybe soon with cryptocurrencies too, as there are banks offering Bitcoin ATM too in our country. These might be the start of bitcoin and banks cooperation in creating a business crypto implemented.

Bitcoin bank... sounds weird isn't it? the main point of being decentralized so that you can control your own money and then exist bitcoin bank that could eliminate main point of decentralization because I'm sure that people will fancy it over saving crypto all by themselves because they find it inconvenient to be responsible for their own money but well, if that really happen. I'm curious how the entire community will change from online wallet dependent to crypto bank dependent

Wapfika

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Quote from: Mometaskers on December 01, 2019, 01:00:42 AM

Not really related to bitcoin so it really won't affect it. I believe HSBC is not the first bank to say they are trying blockchain. It's really an issue on physicality, most bank operations are already digital anyway, with bills barely moving.

But it's still a business so I suppose they've calculated they'd be able to reduce operation cost transitioning. That plus it's hip to slap "blockchain" on many things these days that they make it look like a fad. If this would reduce their use for money laundering (I doubt it) then good still.

It's a good move for blockchain adoption and maybe soon with cryptocurrencies too, as there are banks offering Bitcoin ATM too in our country. These might be the start of bitcoin and banks cooperation in creating a business crypto implemented.

Murat

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Absolutely it will bring a good situation to the blockchain system and Cryptocurrency will get also some privilege from this one because it's directly related to the blockchain system, so Bitcoin and cryptocurrency both will gain more acceptance around the world, in this way, people will regain the faith on this system because the last year was not good for this cryptocurrency related platform, not only that but also I hope other banks will take as like as initiative for their future purpose because blockchain will be the mainstream of everywhere, it's the beginning of a new era.

Mometaskers

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Not really related to bitcoin so it really won't affect it. I believe HSBC is not the first bank to say they are trying blockchain. It's really an issue on physicality, most bank operations are already digital anyway, with bills barely moving.

But it's still a business so I suppose they've calculated they'd be able to reduce operation cost transitioning. That plus it's hip to slap "blockchain" on many things these days that they make it look like a fad. If this would reduce their use for money laundering (I doubt it) then good still.

CryptoBry

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The banking industry is definitely so interested with the innovations that can come in using the blockchain technology which can be adopted to different use-cases and varying situations. HSBC is one hell of a bank that is always on the look-out for changing trends on the market, and they now recognized of the importance in making sure they are one of the pioneering banking institutions using the blockchain technology.

However, good news as this is, I don't see any visible link to the price of Bitcoin as these two things can be related but really different. When one is taking advantage of the open-source blockchain technology, there is no need whatsoever to also get involved with Bitcoin. One can love the blockchain technology and yet on the same breath hates Bitcoin, just like what China is doing right now. I am then wishing that Satoshi Nakamaoto made sure that anybody using the blockchain technology must be making a deposit of Bitcoin in a certain wallet to increase the demand for the coin. But Mr Satoshi is not for business or commercialization but for contributing something which mankind can use anytime.

hello_good_sir

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Now doesn't that sound cool? A blockchain-based digital vault!

Even though it's pretty obvious this is forced innovation, and the banks are likely only doing this for attention/to please shareholders, it is something interesting to talk and look at.

The idea of moving everything to a single centralised platform, where everyone can see deals that have been made (even private ones) sounds extremly bad for business, and it's neglecting a lot of people who are focused on privacy.

Don't think this will ever get anywhere.

ecnalubma

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We can’t set aside the banks real intention probably also like to hype the stocks through this but a $20 billion is very staggering move. It seems that major banks are making their early involvement in the blockchain space which could particularly build more confidence in the space.

panganib999

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This is actually for the banks instead, not for BTC's purpose. It doesn't really have any relationship with the current increase in the BTC market. Blockchain technology is just the medium used for crypo, and the both of them being used doesn't necessarily mean a relationship is in there. This actually advertises possible improvements in the current system of banks as well changes in its quality of life. Tbh, any type of improvement made by the banks at this point are direly needed by them to stop their users from migrating to using crypto instead, especially with all the possible hype of fiat being replaced by crypto. Well, it is one way of banks to fight back against crypto I'd suppose.

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Quote from: exstasie on November 30, 2019, 04:49:38 PM

Quote from: Hydrogen on November 30, 2019, 05:26:01 AM

This could be partly tied to bitcoin's recent price increase.

The banking industry isn't doing well atm. These blockchain associated news releases could be made with the intent to drive up bank stock prices and valuation numbers.

Bingo. That's my theory behind Bank of America's flurry of blockchain-related patents. It doesn't really indicate any serious plans or anything transformational. It's really just so they appear to be on the cutting edge, not being left behind in terms of fintech developments.

They are against crypto of course because its totally a threat for them but they have no more choice but to adopt technology or else they will be down in the future. Despite of this, its still good that banking industry are making moves now especially HSBC where the Hongkong is having a bad economical condition they have to adopt for good.

exstasie

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Quote from: Hydrogen on November 30, 2019, 05:26:01 AM

This could be partly tied to bitcoin's recent price increase.

The banking industry isn't doing well atm. These blockchain associated news releases could be made with the intent to drive up bank stock prices and valuation numbers.

Bingo. That's my theory behind Bank of America's flurry of blockchain-related patents. It doesn't really indicate any serious plans or anything transformational. It's really just so they appear to be on the cutting edge, not being left behind in terms of fintech developments.

Topic: HSBC Bank to shift $20 billion worth of assets to blockchain-based Digital Vault (Read 245 times)