Credit Suisse Group AG and ING Group NV have successfully accomplished a trade of 25 million euros in a Security Service, using blockchain technology. The companies have reported on last Thursday, that the trade involved generating security lending services with the help of application software from finance based company called HOLAx.
This transaction was one among the first real-life instances of currency exchange with the help of blockchain technology. Charley Cooper, managing director at R3 stated that this successful completion of the exchange was more than a proof of mere concepts and the use of blockchain in real life by regulated institutions is undeniably an unique portrayal of it’s commercial solutions.
Banks, globally, have spent millions in producing effective blockchain technologies which will develop cheaper transactions and reduce the complexities of office jobs, especially security trades.
However, even though official announcements are made on their part, the technology is still in it’s nascent days and a lot more development is required. Mr Herve Francois, a blockchain enthusiasts and a lead at ING reported that in all possibilities, the application is expected to go live by the end of 2018.
This has naturally risen global expectations to have a faster, cheaper security system with the use of blockchain.
The traditional security lending trade used to take a long time for processing. With the advent of blockchain, the arrangement is instant. The banks have been giving in to these blockchain experiments and apparently, the outcome has been fruitful.
Well, it might as well be said that Blockchain will slowly but surely lead it’s way on to the top of the rising tech world.