Japan-based SBI Holdings Utilized R3-developed Blockchain For Forex Trading

By Katelyn James | April 17, 2020
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The Japan-headquartered firm SBI Holdings has reportedly revealed its initiative to adopt blockchain-consortium tech, developed by R3, for Forex Trading. 

Specifically disclosed on April 16th, this initiative marks the first use case for Corda blockchain in real-life scenarios across Japan. The implementation process of the tech will be finalized, with assistance from CAC – a startup from Tokyo specialized in providing systems management services. 

The company-wide use of Corda will reportedly be functioning as a tool for transaction history sharing, across associated traders. The implementation will be joined by SBI Securities and SBI’s Forex platform Liquidity Market, or SBILM.

Per SBI Holdings, blockchain will offer automation for confirmation processes in foreign exchange transaction, replacing the presence of email and telephone confirmations.

“We have reduced the operational risk in the confirmation business and ensured high privacy protection and tamper resistance. Also, the blockchain guarantees the identity of transaction data between the parties and improves the reliability of collation work.” SBI Holdings reportedly claimed. 

David Rutter – head of R3 – referred to SBI as one of “Corda’s biggest champions”. He further spoke with high regard for the announcement, highlighting its primary goal to reinforce the development of Corda platform throughout the Asian continent.

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