Blockchain appears to be gaining traction in the banking sector with HSBC announcing that it has settled $250bn worth of forex trades using the technology in the last year.
In a statement, the bank revealed that it has settled over three million forex trades and made over 150,000 payments using blockchain since February.
HSBC did no provide any data on forex trades settled using traditional processes though it did say that those settled by blockchain represented a “small” proportion of its business overall.
The finance industry has previously been reluctant to adopt blockchain but this new data may be enough to convince those who are hesitant about implementing the emerging technology.
Banks and other financial institutions have invested heavily in blockchain with hopes that it could help simplify their operations and cut costs in processes from settlements to payments.
However, few banks have moved from the testing stage to implementation of the technology in large-scale projects citing high costs, uncertainty over regulation and the risk of disruption to their existing systems as the reasons they have not moved forward.