In Berlin on May 24, the fourth-largest bank by total assets Commerzbank and multinational conglomerate with focus on industrial engineering and steel production ThyssenKrupp, repeated the deal with foreign currency using Blochane technology. According to representatives, this is the first such transaction, with the participation of large German companies and such transactions will help make business cheaper and faster.
Using a ledger blockchain transaction, which underlies the most important digital currency Bitcoin, can help reduce delays and manual errors, Commerzbank representatives said on Thursday.
Also, blockchain technology eliminates the need to reconcile transactions, since the transaction is stored as a single, unalterable record.
As Nikolaus Giesbert said in a statement, the manager of Commerzbank, reconciliation is a major problem for banks trading at Forex, adding:
“Significant resources are dedicated to resolving the issues that occur during the matching process. This deal demonstrates how the use of distributed ledger (blockchain) can transform and digitalise the processes in this space.”
On Wednesday, ThyssenKrupp was initiated transaction EUR / PLN FX Forward, which amounted to EUR 500.000 for a period of one month, with Commerzbank FX Live Trader platform.
A confirmation of the transaction was sent to ThyssenKrupp directly through CORDA, a distributed ledger, intended for finance by the R3 Blockchain consortium.
However, Commerzbank said that in order to ensure that all the advantages of the efficiency of using blockchain were realized, further development of technical, regulatory and legal requirements is necessary.