HSBC with a plan to implement Blockchain technology. Sidetrack CLS comes to help

While crypto markets are trying to stay on the surface, blockchain technology continues to grow promising. HSBC has announced that it has managed to execute FX transactions worth $ 250 billion through the so- Distributed Ledger Technology (DLT).

The London-based bank's announcement is proof of the potential of blockhain technology to revolutionize the traditional financial sphere. Typically, banks rely on the services of CLS Group for settlement of foreign currency transactions. HSBC claims to have processed more than 3 million FOREX transactions via DLT in 2018. This is just part of the bank's massive FX business.

The successful British bank experiment shows that blockchain technology can be successfully applied in the banking sphere and provides a good vision of the future for the financial sector. CLS Group developed its own DLT platform last November and the company has begun a partnership with Goldman Sachs and Morgan Stanley.

In contrast to the many single small startups that are yet to invent their own blockchain product, the financial industry takes things into their own hands. By maintaining the idea of ​​decentralization, the major banks use technology to consolidate their dominant position in the traditional financial sphere.

Following the publications on the successful implementation of the DLT FX Transaction Technology, the DLT CryptoTouch has risen 120% over the past 24 hours.

However, Agrello Delta, which stands behind the DLT's own token, has nothing to do with HSBC's drive to develop its own blockchain.

Source: Finance Magnates

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