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HSBC relies on Blockchain technology to handle $ 250 billion of fx transactions




The global bank HSBC has handled more than 3 million foreign exchange transactions (FX) using blockchain technology.

According to a report the transactions that were completed last year were worth $ 250 billion

authorized (also known as private) blockchain to the Transaction. Private blockchains are usually preferred by regulated financial institutions such as HSBC, as they offer the possibility that the anonymity of participants in mainstream finance is unacceptable.

To put this into perspective, HSBC is one of the largest financial services companies in the world.

It has more than 7,500 offices in more than 80 countries and territories in Europe, America, the Middle East and Africa, and the Asia-Pacific region.

Against this background, it can be said that the number of fx transactions performed using blockchain technology is becoming less important than the bank's total trading volume.

Banking on the blockchain

By combining shared databases, Blockchain technology allows multiple parties to simultaneously access a digital ledger that is updated in real-time and can not be tampered with. This allows institutions such as banks to save money and save money to maximize efficiency – especially when it comes to the settlement and clearing of trading transactions.

Banks – and other established financial firms – have long been skeptical of cryptocurrencies like Bitcoin but in the past they have behaved in a different direction from the technology that underpins it.

For example, HSBC made headlines in May last year when it partnered with ING Bank to announce that it has entered into a live trade financial transaction for Cargill (an international food and agriculture conglomerate) with the Corda block chain. Platform of R3.

At the time, the transaction involved the shipment of Argentine soybeans by Cargill's trading business in Geneva to its Singapore subsidiary.

Most importantly, the transaction was likely to prove the functionality of Blockchain in a commercial environment.

In a statement by HSBC it was pointed out that the traditional exchange of paper-based documents normally took about 5-10 days. However, block-chain replacement was completed in 24 hours.

Published January 14, 2019 – 17:56 UTC


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