Blockchain technology is repeatedly proving that various tasks can be completed in better, faster and safer ways. It’s just a matter of time before blockchain technology is used to run most of the services around us.
The obvious first area where the technology can increase efficiency and safety is finance. An international banking giant HSBC revealed that it used blockchain to settle $250 billion worth of forex transactions in 2018.
HSBC used its own “FX Everywhere” blockchain platform, which reportedly handled 3 million transactions, translated to 150,000 payments, since its launch in February 2018.
HSBC’s acting global head of currencies, Richard Bibbey, expressed that the technology allows to “conduct thousands of foreign exchange transactions within the bank, across multiple balance sheets, in dozens of countries,”.
The reported numbers still only represent a “small” portion of the entire payment volume, but HSBC did not disclose the total. We can look at it as one of the first steps in full blockchain integration. Once the technology is fully implemented it will inevitably reduce the transaction cost and allow for many more transactions to be processed than currently possible.
HSBC isn’t the only bank testing the tech. Spanish BBVA recently processed a €150 million deal with Porsche Holding – entirely on the blockchain.
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