In what is believed to be an industry first, HSBC has moved Corda Enterprise, the blockchain platform developed by R3, on to Google Cloud. The move aims to cut client onboarding times from months to weeks, improving the client experience and significantly reducing costs. Moving the Corda technology to Google Cloud gives the bank the option to transfer more of the transaction lifecycle on to the ledger in future, including issuance of digital tokens instead of paper certificates. HSBC currently uses R3’s Corda technology for Digital Vault, HSBC’s custody blockchain platform. The Digital Vault service, launched in 2019 in Asia, digitises the transaction records of private placement assets including equity, debt and real estate.
