HSBC blockchain adoption has come a long way since In what looks to be a rude awakening of a sleeping giant, the British bank has changed its stance from cautious to pioneering. And today, they’re emerging as leaders in the blockchain and financial space. So how did HSBC become a front-runner in the blockchain technology race? Feb 22, · HSBC is not the only bank laying off workers worldwide. In December, timberlandschuheherren.de reported that at least 75, jobs were being eliminated by major banks globally. With its latest layoff announcement, however, HSBC is cutting more jobs than all other banks so far, dethroning Deutsche Bank which plans to cut 18, jobs through Jun 03, · Is HSBC Bank Blocking All Users’ Bitcoin Purchases and Cryptocurrency-Related Transactions? It seems that HSBC is blocking transactions related to Bitcoin and cryptocurrencies. As per a Reddit user, this is due to the inherent volatility of virtual currencies.
Hsbc bank bitcoinVirtual reality hit when I tried to cash in my bitcoins | Bitcoin | The Guardian
This is compared to the traditional paper-based documentation that typically takes about 15 days to settle. So, if HSBC could accomplish such a transaction without using blockchain, why the need for one?
Apart from being the biggest buzzword of the year, blockchain technology has many other benefits as well, namely releasing information simultaneously to all parties involved.
Making a transaction digitally between one bank and a company is one thing. Allowing for that same exchange to be public and global is another. However, although the transparent nature of public blockchains may be useful in certain cases, banks and other companies dealing with sensitive information need to be sure that only the right people have access.
This means that they need to use private or permissioned blockchains such as the IBM Hyperledger. These blockchains allow for closed networks in which transactions are only visible to the necessary parties. While there have been many proofs-of-concept issued for blockchain technology and theories about its potential from healthcare to finance, the HSBC blockchain exchange appears to be one of the first concrete use cases. It seems that the British banking giant has acquired a taste for innovative technologies, not limiting its experiments to blockchain.
In fact, in July of this year we. The bank that seemed very much the turtle in the race has even teamed up with Chinese giant WeChat to communicate with its customers.
Demystifying what grid computing is and the subtle but powerful differences between cloud computing Shares and cryptocurrencies may seem similar on the surface. But if you dig deeper Christina is a B2B writer and MBA, specializing in fintech, cybersecurity, blockchain, and other geeky areas. Christina Comben. Blockchain Breakthrough. Newsletter Sidebar. This field is for validation purposes and should be left unchanged. January 2, Alex Moskov. When my girlfriend became pregnant I decided to sell my bitcoins to decorate a nursery.
I auctioned them via localbitcoins. You put your coins into an escrow account, wait for an offer and, when the buyer has paid by Bacs, you release the coins. The buyers are verified by email, telephone and an official ID. After a couple of days I had an offer. As I attempted to verify this transaction, there was an issue with my online bank account and I headed to an HSBC branch to get things sorted.
After about an hour at the branch I was told that the earlier, smaller transaction had been marked as fraud and the money removed from my account, but there was no problem with the second larger amount. My account was then blocked for several days.
I was informed that the larger payment had also been marked fraudulent and all the payments had been taken from me. I spent around six hours being passed around by HSBC trying to get an answer.
Eventually I was told that I had been the victim of fraud and that the money would be returned. After 10 days my account was unfrozen and I was promised an update. Instead, the account was once again blocked.