BSI Demo: Blockchain technology and foreign currency trading
Many prominent customers accepted the invitation from PwC to its renowned “PwC Treasure Talk”. In addition to the opportunities presented by digitalization, the new technologies in treasury and the more extensive solution approaches for system support in regard to the International Financial Reporting Standard (IFRS 9), the topic of blockchain occupied a solid place on the agenda of the interesting talk. In this exclusive setting, BSI was able to present the basic functionality of a blockchain for foreign currency trading using an application that we designed.
Demo: Foreign currency training supported by blockchain
From Hamburg to Munich, Stuttgart, Frankfurt am Main and Dusseldorf, experts from the banking world gathered at various PwC locations to exchange thoughts and experience on the topic of smart contracts for virtual treasury.
We are pleased that we were able to present our "FX Trading Network" blockchain demo live to an interested audience at this high profile event.
Foreign currency trading is currently on the verge of major change. Digitalization and new technologies, such as blockchain, can potentially replace a majority of existing tools and processes with smart contracts and automated transactions.
Our demo is based on the Eclipse Scout open source framework, which ensures the development of future-proof business applications.
In the demo we were able to show that process steps, such as for price finding, trading and settlement, could potentially replace the intermediary supervisory bodies in charge (e.g. banks and trading partners) with a combination of smart contracts and blockchain.
Summary: We stand at the beginning in the enterprise field with blockchain. However, the very great potential that it will have on existing business processes and services in the medium- and long-term can already be recognized. Significant potential was identified within the framework of the talk, particularly in terms of the optimization and automation of existing processes for boosting efficiency and reducing costs. The global usage possibilities and the new or improved services based on smart contracts make blockchain a facilitator of the future-oriented business model which is to be taken seriously beyond the banking world.