On Monday, 14th January, HSBC, the seventh largest bank in the world stated that it has settled $250 billion or £194.15 billion worth of foreign exchange trades using blockchain technology in 2018. Blockchain technology is now gaining traction in the banking and finance sector.
The company said in a statement that it has been using blockchain technology and has made over 150,000 payments and settled over three million forex trades from February last year using this technology. The company stated that trades settled by using blockchain technology represent a small portion of its traditional process.
Blockchain technology its the technology behind Bitcoin and used in the peer to peer transfer of cryptocurrency. Bank and other organization are now using this highly secure technology to settle their transaction. The transaction data once entered in the blockchain cannot be changed and does not require any third party.
Blockchain technology has helped HSBC to automate the traditional manual process.