SBI Holdings, a Japanese financial services giant, has started using R3’s blockchain infrastructure for facilitating forex (FX) margin trading.
Reported by the Japanese news outlet PR Times on Thursday, the company is using R3’s Corda blockchain in sharing transaction history among traders, thus confirming that the order contents and actual payments are the same.
This, according to the company, will prevent human error and thus reduce cost.
“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,” SBI stated.
“Furthermore, the real-time transmission of information enables seamless data linkage to back office work.”
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The blockchain technology will be used by both SBI Securities and SBI Liquidity Market and the usage will be confined within the company ecosystem. SBI, however, has plans to open the blockchain usage outside the group companies in future.
Asia is at the forefront of adopting blockchain
This integration of R3’s infrastructure on SBI’s platform has marked the first practical use of Corda in Japan.
Notably, SBI is also a partner of Ripple, together forming SBI Ripple Asia, to promote the use of the blockchain company’s cross-border payments infrastructure for remittance across Asia.
The financial giant also has deep ties with the blockchain and also operated a crypto exchange in Japan.
Last year, the investment arm of the group invested an unknown amount of sum in Securitize, a digital securities startup. The venture arm also holds stakes in two crypto subsidiaries of the Boerse Stuttgart Group.