Blockchain has been on everyone’s lips for several years. The technology is among experts one of the future technologies, such as Virtual Reality, quantum computer, 5G Internet and Co. But whether “Blockchain” can keep all promises and expectations, the spirits differ. Many startups, but also large established companies, are trying their hand at the technology, which promises more transparency as well as time and cost savings in all kinds of business processes.
Especially for banks whose business model requires a large number of transactions and a lot of trust, the added value of Blockchain could be enormous. No wonder, then, that many banks have their own blockchain projects and cooperate on them. This includes the largest European bank, HSBC (as of 2017), based in London.
Blockchain Year 2020 – HSBC at the forefront
In an interview with Tech Wire Asia, the head of HSBC Global Commercial Banking Growth and Innovation Blockchain Lead Joshua Kroeker is now optimistic that 2020 could be the year of “commercialization” for the technology after much experimentation in recent years.
“We know the technology is working well and we are keen to see a shift from industry testing and learning to industry commercialization next year.”
But apparently HSBC doesn’t want to limit its efforts around blockchain technology to the banking sector. On the contrary, the bank wants to connect networks from different industries to “help partners and customers overcome the trial and error process”.
First successes already booked – market must decide
What Joshua Kroeker tells us, in contrast to many other ideas around the topic of blockchain, is not a mere theory, but already practical success. The company has recently been able to celebrate the successful execution of several transactions via its own blockchain platforms. This justifies the step from “testing” to “commercialization”.
“Although companies are not yet ready for market launch, these successful transactions prove that the technology works for customers. This has led to a significantly higher demand for participation in transactions than six to twelve months ago.”