HSBC has become the first bank to start using R3's Corda enterprise blockchain network on Google Cloud.
HSBC uses Corda for its custody blockchain platform Digital Vault, which digitises the transaction records of private placement assets. The service is live in Asia, with other regions set to follow.
The move to Google Cloud will help slash client onboarding times from months to weeks and in the future could also enable the issuance of digital tokens, says the bank.
Gaurav Aggarwal, head, distributed ledger technology and tokenisation, markets and securities services, HSBC, says: “Being the first organisation to move Corda technology to Google Cloud is a further sign of HSBC’s commitment to blockchain and cloud technologies.”
Adds Aggarwal: “As well as cutting onboarding times and reducing costs, it will help us prepare for the future, in which the full transaction lifecycle could be stored on a distributed ledger.”