Blockchain is fast becoming part of the global banking industry, with its potential to vastly reduce the time required to process routine trade transactions.
For initiative of the Hong Kong Monetary Authority (HKMA), a trading finance platform base on blockchain will be launched in August and will bring together 21 banks, including HSBC and Standard Chartered. The HKMA proyect will be one of the earliest for governments initiative to go live and will have the regulator trying to bring the banks together into it.
By working on thousands of individual computing nodes, blockchain makes it much easier and simpler to verify each stage of complex individual transactions, it significantly reduces the timing involved and increases security at a very high level.
