Ripple’s Partner SBI Holdings Begins Utilizing Corda Blockchain for Forex Trading

Corda Blockchain Forex Trading

SBI Holdings is a Japan-based company and also is one of the major partners of Ripple. It has announced that it will utilize R3 blockchain-consortium technology for Forex Trading on its platform.

The announcement post was released on a local site Nikkei Japan on Thursday, April 16, 2020. According to the announcement post, the company will start utilizing the distributed ledger technology for foreign exchange margin (FX) transactions within the group.

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First practical application of Corda blockchain in Japan

According to the report, it is the first time that the Corda blockchain will be put to practical use in the country Japan. The company also aims to use R3 blockchain-consortium technology to share transaction history among traders and also for the confirmation of order contents and actual payments.

Currently, the company is planning on using blockchain technology within the group and it will be put to use between SBI Securities and SBI’s Forex platform Liquidity Market, or SBILM. However, it aims to make use of distributed ledger technology outside of the group as well.

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‘Blockchain guarantees the identity of transaction data’

The company claims that by using the blockchain technology, SBILM will be able to automate Forex’s transactions processes. According to the company’s statement, the blockchain will guarantee ‘the identity of transaction data between the parties’. As the statement of the company reads:

“We have reduced the operational risk in the confirmation business and ensured high privacy protection and tamper resistance. In addition, the blockchain guarantees the identity of transaction data between the parties and improves the reliability of collation work. Furthermore, the real-time transmission of information enables seamless data linkage to back-office work.”

According to the CEO of R3 David Rutter, SBI Holdings is one of “Corda’s biggest champions”. SBI Holdings adopts the latest technologies quickly and if they show good results, then the company promotes them in other major Southeast Asian banks as it has been doing in the past. The company also aims to promote the use and growth of the Corda platform in Asia as well in the future.