In a press statement, IBM noted that the experiment that was conducted in four months was carried out in a hybrid cloud environment. The environment incorporated public and private clouds alongside on-premises data sources. According to IBM, the entities successfully tested an end-to-end transaction lifecycle entailing CBDCs, eBonds, and foreign exchange as part of the experiment. Worth noting is that Banque de France initiated the project to explore the viability of a digital Euro. Both IBM and HSBC were included in the initiative as part of diversification.
Banks exploring CBDCs to benefit
Furthermore, IBM stated that the project aims to act as a roadmap for central banks globally that are exploring the possibility of rolling out CBDCs.
In recent months, HSBC has increasingly shown the intent to explore blockchain technology in facilitating its services. As previously reported by Finbold, HSBC partnered with Wells Fargo to deploy blockchain technology in settling matched foreign exchange transactions. Under the plan, the banks stated that the blockchain-based solution would deploy a shared settlement ledger to process US dollar, Canadian dollar, British pound, and Euro transactions.
