HSBC used blockchain technology to settle more than three million forex trades in the last year.
The trades, worth $250 billion, are a “small proportion” of HSBC’s total trading figures. However, it’s a huge step forward and proof that blockchain can offer real-world solutions.
HSBC said the distributed ledger technology had helped the company lower costs while reducing errors and delays. It has also allowed the bank to automate some processes that previously relied on manual input.
While many banks have experimented with blockchain technology, few have implemented it into existing processes. HSBC is now looking at how blockchain can help global clients improve forex trades.