HSBC has traded $ 250 billion in foreign exchange transactions using blockbuster technology in 2018. It is also worth noting that traditional financial institutions have actually achieved success with the introduction of block chains.
The block chain deal is named FX Everywhere, which has earned 3 million transactions and 150,000 payments since its launch in February last year. New technologies have made it possible to trade foreign currencies thousands of times across different national balance sheets. It is said that the distributed flow technology improved internal flow efficiency.
Meanwhile, in October last year, major banks including HSBC, BNP Paris, and Standard Chartered started a block-chain-based financial platform called “eTrade Connect” in Hong Kong. The goal is to improve the financing efficiency of international trade by reducing the time required to approve trade loan applications from the existing 36 hours to 4 hours. For more information, please click here .