Today HSBC announced it’s the first institution to use R3’sCorda enterprise blockchain on Google Cloud. The bank uses Corda for its Digital Vault custody platform and believes the move to the cloud will cut onboarding times.
Digital Vault caters for the custody of assets issued through private placement, whether that’s equity, debt or real estate. By digitizing the details, asset owners can check their records without the need to request the paper certificate. They might need details for an audit or to check an interest payment. A benefit of using blockchain is the reduction in record-keeping costs.
The current solution only digitizes a small part of the process. In the future, assets are likely to be issued, tokenized, transferred and custodied on blockchain. The Digital Vault is a baby step towards that.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
