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.
