Earlier this week, Nikkei news reported that SBI Holdings is using distributed ledger technology for foreign exchange margin transactions within the group. The company says this is the first use of R3’s enterprise blockchain Corda in Japan.
SBI is both an investor in R3 and also owns SBI R3, which promotes Corda technology in Japan. Two months ago, SBI entered into discussions with SMBC about investing in SBI R3.
Apart from demonstrating Corda in the country, the purpose of the foreign exchange platform is to reduce reconciliations. Typically, when a forex transaction is executed, the person would check emails to confirm the transaction is as requested and settled. Whereas now, there’s no need for email because the ledger records the detail. It also should reduce the potential for human error.
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