HSBC has said it will use blockchain to track some of its assets.

The bank told Reuters it will replace some paper records with blockchain-based custody platform Digital Vault by March.

Reuters said it could be used to track $20 billion worth of assets, compared with the $50bn total value of the assets it holds.

Digital Vault will allow investors to see records of securities bought on private markets in real-time.

“With some of the yields that are on offer, we are definitely seeing an increase in demand,” said Ciaran Roddy, director at HSBC Global Banking and Markets.

Distributed ledger technology such as blockchain has long been touted as a game-changing solution for ensuring transparency around investments, which could help fight financial crime.

It could also speed up business through smart contracts and has huge potential in the healthcare sector, as Certara VP of technology and innovation Jim Nasr told us recently.