Ripple partner SBI Holdings Start Using Blockchain for Forex Trading
Ripple Partner SBI Holdings announced the plans to use R3 blockchain technology for Forex Trading. As reported, this will be the first practical Corda blockchain application in the country.
The use of Corda will be restricted within the company for now. It will be used to share transaction history among involved traders and confirm order contents. This step will prevent any human error.
Initially, Corda will be implemented between SBI Securities and SBI’s Forex platform Liquidity Market. Further, depending on the results, its usage will be expanted, and it will be implemented outside of the SBI Group of companies as well.
The SBI Holdings made announcement states:
“We have reduced the operational risk in the confirmation business and ensured high privacy protection and tamper resistance. Also, the blockchain guarantees the identity of transaction data between the parties and improves the reliability of collation work.”
It’s worth mentioning that with the participation with SBI, lots of banks in the region have started using RippleNet services like the On-Demand Liquidity platform.
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