Reuters reported on Thursday that Commerzbank and multinational group Thyssenkrupp successfully used the R3 Corda Blockchain platform to complete a €500,000 forex transaction. The transaction uses a blockchain to store the entire transaction as a single, invariable record. Participating companies and banks do not have to worry about the reconciliation of transactions, and this greatly reduces transaction delays and manual errors caused by the current reconciliation process.

R3’s Corda platform completed a €500,000 transfer with a EUR/PLN foreign exchange forward contract. Reuters stated that since the blockchain stores the entire transaction as a ...