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First Blockchain-Based Forex Platform Launched

CLS, a Forex settlement provider, has launched the first Forex trading application that is based on IBM’s Blockchain Technology. This is a digital market service called CLSNet, and its development began three years now. Now that it has been launched, Goldman Sachs and Morgan Stanley are both American investment banks, have begun using the market’s services.

CLSNet to Bring About Efficiency in Post-trade Settlement

IBM developed CLSNet and it, runs on the Linux Foundation’s Hyperledger Fabric blockchain framework. This service aims to bring about efficiency in post-trade settlement and reduce the risks for those who participate in trading with foreign currencies. This is made possible through the automation and calculation of the payment netting.
A report from a news agency revealed that there are six other participants of this service. They are either based in Europe, North America, or Asia. Asides the companies mentioned above and countries, there are expectations that more people will come on board in the next few months.

First Forex Trading System Based on Blockchain Technology

Alan Marquard, Chief Strategy and Development Officer of CLS mentioned that this is the first service that is based on a distributed ledger technology. He also said it shows how the company is using its position to bring about solutions in the Forex industry. According to him, the CLSNet can bring about efficiency in trade matching and payment netting.
While commenting on their collaboration, Marie Wieck, General Manager of IBM Blockchain revealed that the company had started working on CLSNet since three years ago. She also added that;

With CLSNet now in production with two of the world’s largest banks, for a major market function, it is a testament to the ongoing maturity of blockchain technology and the value that it can deliver in practice.

IBM’s Blockchain Technology Adopted by Several Companies

IBM has partnered with several other companies to deliver its Blockchain platform as a solution. Early this month, Seagate announced that it was using IBM’s platform to secure the unique IDs of its hard drives. This move was as a result of the high number of counterfeits that are in circulation.
Another company that has collaborated with IBM of recent is Telefonica. This is a Spanish telecommunication company that wants to improve the traceability of international phone calls. Therefore, the Telefonica is employing Blockchain to monitor these calls, accurately determine their duration and bring about transparency between call operators.

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