bank Commerzbank and steel company Thyssenkrupp have completed a €500,000 pilot transaction of a forex (FX) forward on a blockchain, Cointelegraph auf Deutsch May 24.
The EUR/PLN forward deal worth €500,000 with a one month tenor was initiated by Thyssenkrupp on the Commerzbank's FX Live Trader platform on Wednesday. The transaction was then confirmed directly through , a (DLT) of the R3 blockchain consortium.
The use of technology, which underpins the virtual currency, could help reduce delays and manual errors, as well as "significantly reduce operational risks in foreign exchange transactions", according to the . This eliminates the need for transaction synchronization because the transaction is stored as a single, unchangeable record.
Nikolaus Giesbert, Head of Fixed Income at Commerzbank, blockchain will enable low transaction fees and secure data through a self-contained, unified network and infallible, fraud-proof transaction processing:
“Significant resources are dedicated to resolving the issues that occur during the matching process. This deal demonstrates how the use of distributed ledger can transform and digitalise the processes in this space.”
and financial institutions globally have recently been running blockchain pilots for various types of transactions. In late April, Spanish Bank BBVA global bank to issue a loan on a blockchain. The bank stated that using a distributed ledger cut the time to process the €75 mln loan from “days to hours”.
Earlier this week, the Thai bank Krungsri’s a cross-border payment pilot test in Bank of regulatory sandbox with Mitsubishi Group, their banking unit MUFG Bank, and the Standard Chartered Bank. Krungsri’s is Thailand’s fifth largest bank by assets.
Banco Masventas (BMV) a partnership with blockchain-based financial services provider Bitex, which will enable clients to use bitcoin as an alternative to SWIFT in cross-border transactions.
Published at Thu, 24 May 2018 22:50:12 +0000
Blockchain
