Japan-enabled SBI Holdings declared on April 16 that it would start utilizing R3 blockchain-consortium technology concerning Forex Trading. This will be the principal practical application of the Corda blockchain in the country.

According to the announcement published in Nikkei Japan, the technology will be executed in connection with a Tokyo-based systems management services firm identified CAC.

The application of Corda, which will be defined within the company, will be utilized to bestow transaction history amongst involved traders. It will moreover be executed in SBI’s Forex platform Liquidity Market, or SBILM and SBI Securities.

Automatizing Forex’s transactions processes

According to the company, blockchain technology will provide SBILM to automate approval processes in foreign exchange transactions, instead of utilizing email and telephone confirmations.

Concerning the declaration, SBI Holdings published the following statement:

“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.”

David Rutter, CEO of R3, named SBI one of “Corda’s biggest champions,.” He also celebrated the announcement, seeing its intention to stimulate the growth of the Corda platform in Asia.

Building blockchain integration awareness in Asia

SBI has been supporting new technologies, such as blockchain integrations, amongst other banks in Southeast Asia.

Both R3 and SBI have alleged that blockchain technology is going to assist in guaranteeing the identity of transactions on the SBILM.

On the other hand, CAC ensured that it would proceed to promote the use of blockchain in a broad range of industries.

In early 2019, SBI Holdings declared a joint agreement with US-based R3 to improve local use of its Corda blockchain platform.