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Commerzbank, ThyssenKrupp in pilot blockchain transaction

German metal company ThyssenKrupp AG conducted a foreign exchange forward transaction worth €500,000 with a one-month tenor on Commerzbank AG's foreign-exchange trading platform, which was reconciled using a distributed ledger, or blockchain, rather than manually or semi-automatically.

The euro/Polish zloty forex forward deal was worth €500,000 with a one-month tenor.

Blockchain technology eliminates the need for third-party services to confirm a forward foreign exchange transaction to a customer. While accelerating the process, blockchain also aims to reduce operational trade and other risks that arise with manual intervention.