HSBC And IBM Have Made Demo C …

HSBC And IBM Have Made Demo C … post thumbnail image

Developers use the capabilities of Corda technology and the Fabric blockchain platform within the project framework.

One of the world’s largest financial conglomerates HSBC and American technology company IBM have successfully completed testing of an enhanced tokenized settlement method using two central bank digital currencies (CBDC). Information about this appears in a press release.

  • According to the developers, they perform operations with CBDC in a hybrid cloud environment. HSBC and IBM teams use digital wallets to transfer assets.
  • As part of the project, the developers used the Corda technology capabilities of the international R3 consortium and the Fabric blockchain platform of the Hyperledger consortium.
  • Also representatives from HSBC and IBM tested the tool for transactions with European bonds and foreign exchange.
  • As a result, the project team managed to create a working demo version of the CBDC.
  • The initiative is overseen by representatives of the Bank of France. Recall that at the end of October 2021, information appeared on the network that the team of financial institutions conducted the largest test of national digital currencies in the EU. HSBC is one of the Bank of France partners in the project. Also, IBM assists regulators in developing tools for interacting with CBDCs.
  • Banque de France is testing the capabilities of the central bank’s digital currency starting in 2020. In particular, the financial organization is attracting regulatory representatives from neighboring countries for its experiments.

They are also involved in the formation of CBDCs in the Russian Federation. Recall that market participants previously talked about how the launch of the digital ruble could affect domestic banks.

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