According to reports, the bank is going to launch several pilot programs based on existing proof-of-concept (PoC) projects in order to begin transitioning to live blockchain transactions. It was announced during a private media call earlier this week.
Joshua Kroeker, HSBC senior innovation manager stated that the launch would mark the fruition of trials conducted over the course of two years. It will include one of the announced in August 2016 that tests the use of a blockchain in replicating letters of credit.
Currently, the main goal is to develop trust between two or more entities by creating a system to authenticate data.
Going from that PoC in 2016, we're at the tipping point of getting our customers involved in live transactions in the coming weeks and months. The technology has come a long way, we're much more comfortable with its security and scalability.
HSBC Senior Innovation Manager
PoC is one of the first the bank is going to pilot. At the moment, the bank is involving its customers in the programs.
The bank’s plan is to launch a live network in early 2019.